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USD/CHF Technical Analysis: Interim Support Found Sub-0.91

USD/CHF Technical Analysis: Interim Support Found Sub-0.91

2015-05-08 03:41:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9062, 0.8967, 0.8891
  • Resistance: 0.9225, 0.9320, 0.9474

The US Dollar found interim support below the 0.91 figure against the Swiss Franc having touched the lowest level in over three months. A daily close above the 14.6% Fibonacci retracement at 0.9225 exposes the 23.6% level at 0.9320. Alternatively, a turn below the 123.6% Fib expansion at 0.9062 opens the door for a challenge of the 138.2% threshold at 0.8967.

While entering short is tempting from a purely technical perspective, we will tactically opt to stand aside. Erratic SNB policy moves since the beginning of the year imply a worrisome degree of outsized volatility risk in having exposure to anything CHF-related. As such, we prefer to stand aside.

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

USD/CHF Technical Analysis: Interim Support Found Sub-0.91

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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