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USD/CHF Technical Analysis: Prices Push to 6-Month High

USD/CHF Technical Analysis: Prices Push to 6-Month High

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 9022, 0.8983, 0.8934
  • Resistance: 0.9061, 0.9110, 0.9189

The US Dollar continues to push higher against the Swiss Franc, with prices overcoming June’s swing high to hit the highest level in close to six months. A daily close above resistance at 0.9061, the 61.8% Fibonacci expansion, exposes the 76.4% level at 0.9110. Alternatively, a turn below the 50% Fib at 0.9022 opens the door for a test of the 38.2% expansion at 0.8983.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal argues against taking up the short side. We will remain flat for now.

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USD/CHF Technical Analysis: Prices Push to 6-Month High

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.

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