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Talking Points:
- USD/CHF Technical Strategy: Flat
- Support:0.9271, 0.9139, 0.9015
- Resistance: 0.9314, 0.9543, 0.9659
The US Dollar declined against the Swiss Franc as expected after producing a bearish Evening Star candlestick pattern. A daily close below trend line support at 0.9271 exposes the 38.2% Fibonacci expansion at 0.9139. Alternatively, a push above a downward-sloping barrier at 0.9314 clears the way for a test of support-turned-resistance at 0.9543.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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— Written by Ilya Spivak, Currency Strategist for DailyFX.com