USD/CHF Technical Analysis: Strongest Close in Nearly 6 Years
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- USD/CHF Technical Strategy: Flat
- Support: 1.0118, 1.0010, 0.9902
- Resistance: 1.0185, 1.0239, 1.0293
The US Dollar continues to push higher against the Swiss Franc, with buyers extending the advance for a fifth consecutive day. Near-term resistance is at 1.0185, the 138.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 150% level at 1.0239. Alternatively, a reversal below the 123.6% Fib at 1.0118 clears the way for a challenge of the 100% expansion at 1.0010.
The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain on the sidelines for now and wait 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.