USD/CHF Technical Analysis: Aiming Above 0.91 Figure
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- USD/CHF Technical Strategy: Flat
- Support:0.9061, 0. 9022, 0.8983
- Resistance: 0.9110, 0.9189, 0.9268
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 0.9110, the 76.4% Fibonacci expansion, exposes the 100% level at 0.9189. Alternatively, a turn below the 61.8% Fib at 0.9061 opens the door for a test of the 50% expansion at 0.9022.
While entering a long position at this point is tempting, we will tactically opt to stand aside. We already hold long USD exposure against the Euro and the Canadian Dollar. As such, we think it best not to over-commit as heavy-duty US event risk begins to cross the wires in the days ahead.
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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.