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USD/CHF Technical Analysis: Pausing to Digest Advance

USD/CHF Technical Analysis: Pausing to Digest Advance

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9490, 0.9357, 0.9258
  • Resistance: 0.9560, 0.9675, 0.9862

The US Dollar paused to consolidate gains against the Swiss Franc, snapping a three-day winning streak. Near-term resistance is at 0.9560, the 61.8%Fibonacci retracement, with a break above that on a daily closing basis exposing the 76.4% level at 0.9675. Alternatively, a turn below the 50% Fib at 0.9466 opens the door for a challenge of the 0.9357-73 area (May 12 high, 38.2% retracement).

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.

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USD/CHF Technical Analysis: Pausing to Digest Advance

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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