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USD/CHF Technical Analysis: Franc Drops Most in 2 Weeks

USD/CHF Technical Analysis: Franc Drops Most in 2 Weeks

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • 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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USD/CHF Technical Analysis: Franc Drops Most in 2 Weeks

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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