USD/CHF Technical Analysis – Franc Edges to 2-Week High
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- USD/CHF Technical Strategy: Flat
- Support:0.8943 (23.6% Fib ret.), 0.8901 (38.2% Fib ret.)
- Resistance: 0.8970 (14.6% Fib ret.), 0.90, 0.9001 (38.2% Fib exp.)
The US Dollar made a tentative move lower against the Swiss Franc after the FOMC policy announcement, issuing the lowest close in two weeks. Near-term support is at 0.8943, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 0.8901. Alternatively, a reversal back above the 14.6% level at 0.8970 opens the door for another challenge of the 0.90 figure, a level reinforced by the 38.2% Fib expansion at 0.9012.
The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective. With that in mind, we will continue to stand on the sidelines until a more actionable opportunity presents 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.