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Talking Points:
- USD/CHF Technical Strategy: Flat
- Support: 0.8757, 0.8582, 0.8299
- Resistance: 0.9040, 0.9269, 0.9498
The US Dollar may be preparing to decline against the Swiss Franc after prices put in a Spinning Top candlestick. Near-term support is at 0.8757, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 14.6% level at 0.8582. Alternatively, a push above the 38.2% Fib at 0.9040 clears the way for a challenge of the 50% retracement at 0.9269.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
