USD/CHF Technical Analysis: Franc Gains Most in a Month
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- USD/CHF Technical Strategy: Flat
- Support:0.9047, 0.9010, 0.8951
- Resistance: 0.9110, 0.9189, 0.9268
The US Dollar ran into resistance near the 0.91 figure against the Swiss Franc, correcting downward to issue its largest daily drop in over a month. Near-term support is at 0.99067, the 14.6% Fibonacci retracement. A daily close below that exposes the 23.6% level at 0.0.9010. Alternatively, a reversal above the 76.4% Fib expansion at 0.9110 clears the way for a challenge of the 100% threshold at 0.9189.
Risk/reward considerations argue against entering short with prices trading in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com