USD/CHF Technical Analysis: Quiet Consolidation Continues
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- 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.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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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.