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USD/CHF Technical Analysis: Franc Moves to 3-Montn High

USD/CHF Technical Analysis: Franc Moves to 3-Montn High

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9213, 0.8997, 0.8730
  • Resistance: 0.9490, 0.9718, 0.9862

The US Dollar dropped to the lowest level in over two months against the Swiss Franc, with sellers securing a foothold beneath the 0.93 figure. A daily close below the 50% Fibonacci retracement at 0.9213 exposes the 61.8% level at 0.8997. Alternatively, a turn above 0.9428-90 opens the door for a challenge of the April 23 high at 0.9718.

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.

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

USD/CHF Technical Analysis: Franc Moves to 3-Montn High

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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