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USD/CHF Technical Analysis: Trying to Clear Path Above 0.96

USD/CHF Technical Analysis: Trying to Clear Path Above 0.96

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9437, 0.9343, 0.9167
  • Resistance: 0.9551, 0.9662, 0.9843

The US Dollar is testing monthly highs against the Swiss Franc as buyers attempt to clear a path above the 0.96 figure. A daily close above the 14.6% Fibonacci expansion at 0.9551exposes the 23.6% level at 0.9662. Alternatively, a turn below trend line support at 0.9437 opens the door for a test of resistance-turned-support at 0.9343, the February 2 high.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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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.

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