USD/CHF Technical Analysis: Sideways Trade Continues
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- USD/CHF Technical Strategy: Flat
- Support: 0.8552, 0.8378, 0.8094
- Resistance: 0.8836, 0.9040, 0.9269
The US Dollar is digesting losses against the Swiss Franc having moved aggressively lower after the surprise SNB decision to scrap its EURCHF floor. A daily close below the 14.6% Fibonacci expansion at 0.8552 exposes the 23.6% level at 0.8378. Alternatively, a turn above the January 20 high at 0.8836 opens the door for a test of the 38.2% Fib retracement at 0.9040.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.