USD/CHF Technical Analysis: Rally Extends for Fifth Day
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- USD/CHF Technical Strategy: Flat
- Support:0.9551, 0.9506, 0.9343
- Resistance: 0.9662, 0.9843, 0.9988
The US Dollar rose for a fifth consecutive day against the Swiss Franc, with buyers attempting to clear a path above the 0.98 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 0.9506.
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.