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USD/CHF Technical Analysis: Stalling Below the 0.93 Mark

USD/CHF Technical Analysis: Stalling Below the 0.93 Mark

2015-02-02 04:03:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.9040, 0.8757, 0.8582
  • Resistance: 0.9269, 0.9498, 0.9781

The US Dollar paused to consolidate below the 0.93 figure after erasing half of its post-SNB announcement drop against the Swiss Franc. Near-term support is at 0.9269, the 50% Fibonacci retracement, with a break above that on a daily closing basis exposing the 61.8% level at 0.9498. Alternatively, a push below the 38.2% Fib at 0.9040 clears the way for a challenge of the 23.6% retracement at 0.8757.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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USD/CHF Technical Analysis: Stalling Below the 0.93 Mark

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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