USD/CHF Technical Analysis: Rally Pauses to Digest Gains
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- USD/CHF Technical Strategy: Flat
- Support: 9022, 0.8983, 0.8934
- Resistance: 0.9061, 0.9110, 0.9189
The US Dollar paused to digest recent gains against the Swiss Franc after pushing to the highest level in nearly six months. Buyers are testing resistance at 0.9061, the 61.8% Fibonacci expansion. A daily close above that exposes the 76.4% level at 0.9110. Alternatively, a reversal below the 50% Fib at 0.9022 clears the way for a challenge of the 38.2% expansion at 0.8983.
The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective. We will continue to stand aside for now, waiting for an actionable trade setup to emerge.
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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.