USD/CHF Technical Analysis: Strongest Close in Nearly 6 Years
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- USD/CHF Technical Strategy: Flat
- Support: 1.0010, 0.9902, 0.9835
- Resistance: 1.0118, 1.0185, 1.0239
The US Dollar advanced for a fourth consecutive day against the Swiss Franc, using the strongest close in nearly six years. A daily close above the 123.6% Fibonacci expansion at 1.0118 exposes the 138.2% level at 1.0185. Alternatively, a turn below the 100% Fib at 1.0010 clears the way for a challenge of the 76.4% expansion at 0.9902.
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.