USD/CHF Technical Analysis: Resistance Above 0.99 Held
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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 extended higher to set a new 28-month high but failed to overcome the 0.99 figure against the Swiss Franc. A daily close above the 76.4% Fibonacci expansion at 0.9902 exposes the 100% level at 1.0010. Alternatively, a turn below the 61.8% Fib at 0.9835 clears the way for a challenge of the 50% expansion at 0.9781.
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.