USD/CHF Technical Analysis: Opting Against Short Position
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- USD/CHF Technical Strategy: Flat
- Support:0.9987, 0.9859, 0.9695
- Resistance: 1.0132, 1.0313, 1.0604
The US Dollar may be readying to turn lower against the Swiss Franc after prices put in a bearish Dark Cloud Cover candlestick pattern. A daily close below the 50% Fibonacci expansion at 0.9987 exposes the 14.6% Fib retracement at 0.9859. Alternatively, a push above the 61.8% expansion at 1.0132 opens the door for a test of the 76.4% threshold at 1.0313.
Follow-though on the bearish candle setup has been absent for now. Furthermore, high-profile event risk by way of the FOMC and SNB policy announcements looms ahead and threatens to derail technical considerations. With that in mind, we will remain flat and observe developments from the sidelines for the time being.
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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.