USD/CHF Technical Analysis: Narrow Range Still in Play
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- USD/CHF Technical Strategy: Flat
- Support: 0.9191, 0.9097, 0.8944
- Resistance: 0.9322, 0.9416, 0.9569
The US Dollar continues to stall below the 0.93 figure against the Swiss Franc having erased half of drop triggered by the SNB’s decision to abandon its EURCHF floor. A daily close above the 14.6% Fibonacci expansion at 0.9322 exposes the 23.6% level at 0.9416. Alternatively, a turn below the 14.6% Fib retracement at 0.9191 opens the door for a test of the 23.6% threshold at 0.9097.
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