USD/CHF Technical Analysis: Treading Water Below 0.94
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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 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 0.9322, the 14.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 23.6% level at 0.9416. Alternatively, a push below the 14.6% Fib retracement at 0.9191 clears the way for a challenge of the 23.6% threshold at 0.9097.
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