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USD/CHF Technical Analysis: Resistance Above 0.91 in Focus

USD/CHF Technical Analysis: Resistance Above 0.91 in Focus

2014-07-31 23:02:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • 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.

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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USD/CHF Technical Analysis: Resistance Above 0.91 in Focus

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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