USD/CHF Technical Analysis: Swiss Franc Gains for Third Day
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- USD/CHF Technical Strategy: Flat
- Support: 0.9614, 0.9538, 0.9462
- Resistance: 0.9709, 0.9767, 0.9862
The US Dollar declined for a third consecutive day after finding resistance above the 0.98 figure against the Swiss Franc. A daily close below the 38.2% Fibonacci expansion at 0.9614 exposes the 50% level at 0.9538. Alternatively, a reversal above the 23.6% Fib at 0.9709 opens the door for a challenge of the 14.6% level at 0.9767.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.
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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.