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USD/CHF Technical Analysis: Quiet Consolidation Continues

USD/CHF Technical Analysis: Quiet Consolidation Continues

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9293, 0.9139, 0.9015
  • Resistance: 0.9388, 0.9541, 0.9646

The US Dollar is digesting losses having fallen against the Swiss Franc as expected after putting in a bearish Evening Star candlestick pattern. Near-term support is at 0.9293, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 0.9139. Alternatively, a move above the 14.6% Fib at 0.9388 opens the door for a challenge of trend line support-turned-resistance at 0.9541.

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: Quiet Consolidation Continues

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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