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USD/CHF Technical Analysis: Prices Set New Monthly High

USD/CHF Technical Analysis: Prices Set New Monthly High

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 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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CHF Technical Analysis: Prices Set New Monthly High

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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