USD/CHF Technical Analysis: 2-Month Range Top in Focus
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- USD/CHF Technical Strategy: Flat
- Support:0.9185, 0.9071, 0.8965
- Resistance: 0.9555, 0.9769, 0.9985
The US Dollar remains in consolidation mode as prices revisit the top of their two-month range near the 0.95 figure against the Swiss Franc. A daily close above the 0.9551-55 area (23.6% Fibonacci expansion, trend line) exposes the 38.2% level at 0.9769. Alternatively, a turn below trend line support at 0.9185 clears the way for a test of the May 7 low at 0.9071.
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.