USD/CHF Technical Analysis – Range-Bound Near 0.90 Mark
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- USD/CHF Technical Strategy: Flat
- Support:0.8969 (trend line), 0.8902-34
- Resistance: 0.9001 (38.2% Fib exp.), 0.9036-44 (Jun 5 high, 50% Fib exp.)
The US Dollar continues to consolidate against the Swiss Franc after clearing resistance at a falling trend line set from November 2013. Near-term resistance is at 0.9012, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis targeting the 0.9036-44 area marked by the 50% level and the June 5 high. Trend line resistance-turned-support is now at 0.8969. A move back below that exposes a supporting cluster in the 0.8902-34 area.
Current positioning does not offer an actionable trade setup. We will opt to remain on the sidelines for the time being, waiting for a more attractive opportunity to present itself.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.