USD/CHF Technical Analysis: Resistance Now Above 0.91
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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 rose to a new six-month high against the Swiss Franc as buyers move to challenge the 0.9100 figure. Near-term resistance is at 0.9110, the 76.4% Fibonacci expansion. A daily close above that exposes the 100% level at 0.9189. Alternatively, a reversal below the 61.8% Fib at 0.9061 clears the way for a challenge of the 50% expansion at 0.9022.
We are tactically opting to stand aside for now because 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 continues cross the wires through the week-end.
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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.