USD/CHF Technical Analysis: Digesting Gains Below 0.91
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- USD/CHF Technical Strategy: Flat
- Support:0.9051, 0.9014, 0.8954
- Resistance: 0.9110, 0.9189, 0.9268
The US Dollar is digesting recent gains below the 0.91 figure against the Swiss Franc after advancing to a six-month high last week. Near-term support is at 0.9051, the 14.6% Fibonacci retracement. A break below that on a daily closing basis exposes the 23.6% level at 0.9014. 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.
Positioning looks inconclusive. On one hand, the latest leg of the uptrend launched from mid-July appears to have been overturned, warning losses may ahead. On the other, the longer-term trend favors the bulls but prices are too close to resistance to justify entering long from a risk/reward perspective. We will remain flat.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com