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USD/CHF Technical Analysis: Resistance Now Above 0.99

USD/CHF Technical Analysis: Resistance Now Above 0.99

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9746, 0.9428, 0.9213
  • Resistance: 0.9910, 1.0177, 1.0393

The US Dollar is aiming higher against the Swiss Franc, with buyers setting their sights above the 0.99 figure. Near-term resistance is at 0.9910, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 1.0126-77 area (March 12 high, 38.2% level). Alternatively, a reversal below the 14.6% expansion at 0.9746clears the way for a challenge of the 0.9428-79 zone (38.2% Fib retracement, April 3 low).

A long position seems compelling from a strictly technical point of view, but we will tactically pass on the opportunity. Erratic SNB monetary policy since the beginning of the year warns of significant underlying outsized volatility risk inherent to any CHF-linked exposure. As such, we will look for setups elsewhere.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CHF Technical Analysis: Resistance Now Above 0.99

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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