To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- USD/CHF Technical Strategy: Flat
- Support:0.9416, 0.9322, 0.9191
- Resistance: 0.9569, 0.9692, 0.9815
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 0.9567, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 0.9692. Alternatively, a reversal below the 23.6% Fib at 0.9416 clears the way for a challenge of the 14.6% expansion at 0.9322.
While entering long seems compelling from a purely technical perspective, we will tactically opt to stand aside. The Franc has frequently played the role of a European regional safe haven asset and we are leery of taking directional bets as the Greek debt impasse continues to look large. With that in mind, we will stand aside for now.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
