USD/CHF Technical Analysis: Support Found Above 0.83
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- USD/CHF Technical Strategy: Flat
- Support: 0.8350, 0.8067, 0.7838
- Resistance: 0.8582, 0.8757, 0.9040
The Swiss Franc is cautiously stabilizing against the US Dollar last week’s aggressive drop following the SNB’sdecision to scrap its EURCHF floor. A daily close above the 14.6% Fibonacci retracementat 0.8582 exposes the 23.6% level at 0.8757. Alternatively, a turn below the 23.6% Fib expansion at 0.8350 opens the door for a test of the 38.2% threshold at 0.8067.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com