USD/CHF Technical Analysis: Digesting Gains Near 0.99 Mark
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- USD/CHF Technical Strategy: Flat
- Support: 0.9835, 0.9781, 0.9727
- Resistance:0.9902, 1.0010, 1.0118
The US Dollar is in consolidation mode below the 0.99 figure having established a 28-month high against the Swiss Franc. Near-term resistance is at 0.9902, the 76.4% Fibonacci expansion, with a break above that on a daily closing basis exposing the 100% level at 1.0010. Alternatively, a reversal below the 61.8% Fib at 0.9835 opens the door for a test of the 50% expansion at 0.9781.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.
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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.