USD/CHF Technical Analysis: Franc Drops Most in 2 Weeks
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- USD/CHF Technical Strategy: Flat
- Support:0.9322, 0.9191, 0.9097
- Resistance: 0.9416, 0.9569, 0.9692
The US Dollar returned to the offensive against the Swiss Franc, putting in the largest daily advance in two weeks. Near-term resistance is at 0.9416, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 0.9569. Alternatively, a reversal below the 14.6% Fib at 0.9322 clears the way for a challenge of the 14.6% Fib retracement at 0.9191.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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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.