USD/CHF Technical Analysis: Passing on Long Trade Setup
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- USD/CHF Technical Strategy: Flat
- Support:0.9551, 0.9468, 0.9343
- Resistance: 0.9662, 0.9843, 0.9988
The US Dollar looks poised to extend its advance against the Swiss Franc, with buyers taking aim above the 0.96 figure. A daily close above the 23.6% Fibonacci expansion at 0.9662 exposes the 38.2% level at 0.9843. Alternatively, a turn below the 14.6% Fib at 0.9551 opens the door for a test of trend line support at 0.9468.
While entering long seems compelling from a purely technical perspective, we will tactically opt to stand aside. The US Dollar faces heavy event risk in the coming days which may spark sharp volatility and derail follow-through on technical positioning. With that in mind, we will hold off on committing to a directional bias for now.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com