USD/CHF Technical Analysis: Eyeing Resistance Above 0.96
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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 advanced for a fourth consecutive session against the Swiss Franc, moving to the highest level in six weeks. Near-term resistance is at 0.9662, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 0.9843. Alternatively, a reversal below the 14.6% Fib at 0.9551 clears the way for a challenge of trend line support at 0.9468.
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