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USD/CHF Technical Analysis: Monthly Bottom in Focus

USD/CHF Technical Analysis: Monthly Bottom in Focus

2015-05-14 06:55:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9108, 0.8954, 0.8830
  • Resistance: 0.9203, 0.9357, 0.9490

The US Dollar turned lower against the Swiss Franc once again, putting in the largest decline in two weeks. Near-term support is at 0.9108, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 0.8954. Alternatively, a turn above the 14.6% Fib at 0.9203 clears the way for a test of the May 12 high at 0.9357.

The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.

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

USD/CHF Technical Analysis: Monthly Bottom in Focus

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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