Forex: USD/CHF Technical Analysis – Choppy Congestion Continues
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- USD/CHF Technical Strategy: Flat
- Support: 0.8986 (23.6% Fib exp.), 0.8947 (trend line)
- Resistance: 0.9038 (38.2% Fib exp.), 0.9081 (50% Fib exp.)
The Swiss Franc is back under pressure after a modest recovery against the US Dollar yesterday. Prices are retesting support-turned-resistance at 0.9038, the 38.2% Fibonacci expansion, with a close above that exposing the 50% level at 0.9081 anew. Alternatively, a turn below support at 0.8986, the 23.6% Fib, eyes a rising trend line set from mid-December (now at 0.8947).
On balance, price action has produced few trading opportunities over recent weeks, yielding choppy congestion around near-term technical levels instead. An actionable setup remains absent at this point and we will stand aside until a clear-cut entry opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope 2.0
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