USD/CHF Technical Analysis: Franc Gains Most in 2 Weeks
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- USD/CHF Technical Strategy: Flat
- Support:0.9170, 0.9071, 0.8960
- Resistance: 0.9426, 0.9542, 0.9653
The US Dollar turned sharply lower against the Swiss Franc, producing the largest daily decline in two weeks. Near-term rising trend line support is at 0.9170, with a break below that on a daily closing basis exposing the May 7 low at 0.9071. Alternatively, a turn above the June 29 high at 0.9426 clears the way for a test of the May 27 top at 0.9542.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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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.