Here's another look at the daily USD/CHF setup we've been watching. The 3 Fib analytics are clearly labeled on the chart and they point to dollar resistance in the zone of 1.2502-1.2522. I'm short small here with another one-third position to go at 1.2515 with stops for the whole boat above 1.2530. EUR/USD is acting very heavy in here, which makes me nervous, but like the identical EUR/JPY setup we did not take last nigh, it's a little to sweet to pass up. USD/JPY has a little room to move into what should be 120.70 resistance before any meaningful retracement.

Daily and Weekly Pivot Points

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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