USD/CHF Technical Analysis: Treading Water Below 0.97
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- USD/CHF Technical Strategy: Flat
- Support:0.9572, 0.9524, 0.9491
- Resistance: 0.9641, 0.9712, 0.9770
The US Dollar remains in consolidation mode after rising to the highest level in three months against the Swiss Franc. A daily close above the 23.6% Fibonacci expansion at 0.9641 exposes the 38.2% level at 0.9712. Alternatively, a turn below trend line support at 0.9572 clears the way for a test of the July 23 low at 0.9524.
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.