USD/CHF Technical Analysis: Franc Down to 28-Month Low
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- USD/CHF Technical Strategy: Flat
- Support: 0.9781, 0.9727, 0.9660
- Resistance:0.9835, 0.9902, 1.0010
The US Dollar advanced for a third consecutive day against the Swiss Franc, issuing the strongest close in over two years. A daily close above the 61.8% Fibonacci expansion at 0.9835 exposes the 76.4% level at 0.9902. Alternatively, a turn below the 50% Fib at 0.9781 clears the way for a challenge of the 38.2% expansion at 0.9727.
Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope
--- 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.