USD/CHF Technical Analysis: February Top Under Pressure
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- USD/CHF Technical Strategy: Flat
- Support:0.9450, 0.9343, 0.9167
- Resistance: 0.9551, 0.9662, 0.9843
The US Dollar is once again attempting to clear a path above the 0.96 figure against the Swiss Franc. Near-term resistance is at 0.9551, the 14.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 23.6% level at 0.9662. Alternatively, a reversal below trend line support at 0.9450 clears the way for a challenge of resistance-turned-support at 0.9343, the February 2 high.
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