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USD/CHF Technical Analysis: Two-Month Support Broken

USD/CHF Technical Analysis: Two-Month Support Broken

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9617, 0.9529, 0.9441
  • Resistance: 0.9726, 0.9793, 0.9902

The US Dollar resumed its move lower against the Swiss Franc, breaking a barrier capping losses since late June. Near-term support is at 0.6917, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 50% level at 0.9529. Alternatively, a turn above the 23.6% Fib at 0.9726 opens the door for a challenge of the 14.6% retracement at 0.9793.

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.

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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.

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