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USD/CHF Technical Analysis: Treading Water Below 0.98 Mark

USD/CHF Technical Analysis: Treading Water Below 0.98 Mark

2015-08-18 01:43:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9726, 0.9617, 0.9529
  • Resistance: 0.9793, 0.9902, 0.9993

The US Dollar paused to digest losses after issuing the largest daily decline in over two months against the Swiss Franc. Near-term support is at 0.9726 (trend line, 23.6% Fibonacci retracement), with a break below that on a daily closing basis exposing the 38.2% level at 0.9617. Alternatively, a turn above the 14.6% Fib at 0.9793 opens the door for a challenge of the August 11 high at 0.9902.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CHF Technical Analysis: Treading Water Below 0.98 Mark

--- 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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