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USD/CHF Technical Analysis: Rejected Lower Above 0.97

USD/CHF Technical Analysis: Rejected Lower Above 0.97

2015-04-02 00:14:00
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 stalled below the 0.98 figure against the Swiss Franc, snapping two days of consecutive gains. A daily close above the 14.6% Fibonacciexpansionat 0.9756 exposes the 23.6% level at 0.9921. Alternatively, a turn below the 38.2% Fib retracementat 0.9428opens the door for a test of the 50% threshold at 0.9213.

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: Rejected Lower Above 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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