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Talking Points:
- USD/CHF Technical Strategy: Flat
- Support:0.9108, 0.8954, 0.8830
- Resistance: 0.9203, 0.9357, 0.9490
The US Dollar has descended to challenge monthly lows near the 0.91 figure against the Swiss Franc. A daily close below the 23.6% Fibonacci expansionat 0.9108 exposes the 38.2% level at 0.8954. Alternatively, a reversal above the 14.6% Fib at 0.9203 opens the door for a challenge of the May 12 high at 0.9357.
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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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
