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USD/CHF Technical Analysis ? Spotlight on April Swing Top

May 19, 2014

Ilya Spivak





Talking Points:



  • USD/CHF Technical Strategy: Flat
  • Support: 0.8896 (76.4% Fib exp.), 0.8859 (61.8% Fib exp.)
  • Resistance: 0.8952-56 (Apr 4 high, 100% Fib exp.), 0.9016 (123.6% Fib exp.)



    The US Dollar advanced as expected against the Swiss Franc after prices put in a bullish Piercing Line candlestick pattern. The spotlight is now on resistance in the 0.8952-56 area, marked by the 100% Fibonacci expansion and the April 4 high. A daily close above this barrier initially exposes the 123.6% level at 0.9016. The first layer of support is at 0.8896, the 76.4% Fib, with a reversal below that aiming for the 61.8% expansion at 0.8859.



    A long position at present looks premature from a tactical and a risk/respective perspective without confirmation on a defined break above the April top. We will remain flat for the time being.





    USD/CHF Technical Analysis - Spotlight on April Swing Top










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    Source: DailyFx


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