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USD/CHF Technical Analysis: Still Treading Water Below 0.93

USD/CHF Technical Analysis: Still Treading Water Below 0.93

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.9040, 0.8836, 0.8580
  • Resistance: 0.9269, 0.9498, 0.9781

The US Dollar paused to consolidate below the 0.93 figure after erasing half of its violent SNB-inspired drop against the Swiss Franc. Near-term resistance is at 0.9269, the 50% Fibonacci retracement, with a break above that on a daily closing basis exposing the 61.8% level at 0.9498. Alternatively, a push below the 38.2% Fib at 0.9040 clears the way for a challenge of resistance-turned-support at 0.8836, the January 20 high.

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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USD/CHF Technical Analysis: Still Treading Water Below 0.93

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.

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