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Talking Points:
- USD/CHF Technical Strategy: Flat
- Support: 1.0118, 1.0010, 0.9902
- Resistance: 1.0185, 1.0239, 1.0293
The US Dollar extended its advance for a sixth consecutive day, making for the longest string of gains against the Swiss Franc since May 2009. A daily close above the 138.2% Fibonacci expansion at 1.0185 exposes the 150% level at 1.0239. Alternatively, a turn below the 123.6% Fib at 1.0118 clears the way for a challenge of the 100% expansion at 1.0010.
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
