Forex: USD/CHF Technical Analysis – Trying to Expose 0.91 Anew
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- USD/CHF Technical Strategy: Flat
- Support: 0.9038 (38.2% Fib exp.), 0.8986 (23.6% Fib exp.)
- Resistance: 0.9081 (50% Fib exp.), 0.9123 (61.8% Fib exp.)
The Swiss Franc is finding itself under pressure once again, with prices poised to issue a third consecutive day of losses against the US Dollar. Resistance at 0.9123 (50% Fibonacci expansion) is under fire, with a break above that exposing 0.9123 (61.8% Fib). This barrier doubles as the site of a minor double top played out in January.
The close proximity of relevant resistance argues against chasing the move higher from a risk/reward perspective. Betting on a turn lower seems likewise ill-advised absent the presence of a discernible reversal signal. As such, we will opt to remain flat for now.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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