USD/CHF Technical Analysis: Trend Line Under Pressure
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- USD/CHF Technical Strategy: Flat
- Support:0.9249, 0.9139, 0.9015
- Resistance: 0.9334, 0.9548, 0.9660
The US Dollar is attempting to rebuild upside momentum having declined against the Swiss Franc as expected. A daily close above a falling trend line at 0.9334 exposes support-turned-resistance at 0.9548. Alternatively, a reversal below a recently broken channel top at 0.9249 clears the way for a test of the 38.2% Fibonacci expansion at 0.9139.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.
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--- 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.