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USD/CHF Technical Analysis: Buyers Reclaim Hold on 0.97

USD/CHF Technical Analysis: Buyers Reclaim Hold on 0.97

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9428, 0.9213, 0.8997
  • Resistance: 0.9756, 0.9921, 1.0188

The US Dollar is attempting to launch a recovery after finding support below the 0.95 figure against the Swiss Franc. Near-term resistance is at 0.9756, the 14.6% Fibonacciexpansion, with a break above that on a daily closing basis exposing the 23.6% level at 0.9921. Alternatively, a reversal below the 38.2% Fib retracementat 0.9428clears the way for a challenge of the 50% threshold at 0.9213.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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USD/CHF Technical Analysis: Buyers Reclaim Hold on 0.97

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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