USD/CHF Technical Analysis: Prices Set New Monthly High
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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 continues to build upward against the Swiss Franc after producing the largest daily rally in two weeks. A daily close above the 23.6% Fibonacci expansionat 0.9416 exposes the 38.2% level at 0.9569. Alternatively, a turn the 14.6% Fib at 0.9322 opens the door for a test of the 14.6% Fib retracement at 0.9191.
Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com