USD/CHF Technical Analysis: Passing on Long Trade Setup
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- USD/CHF Technical Strategy: Flat
- Support:0.9662, 0.9551, 0.9343
- Resistance: 0.9843, 0.9988, 1.0134
The US Dollar extended its advance against the Swiss Franc for sixth consecutive day, with prices now aiming above the 0.98 figure. Near-term resistance is at 0.9843, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 0.9988. Alternatively, a reversal below the 23.6% Fib at 0.9662 clears the way for a challenge of the 14.6% expansion at 0.9551.
While entering long seems compelling from a purely technical perspective, we will tactically opt to stand aside for now. The upcoming US Employment report represents major event risk for USD-based pairs that may derail technical positioning. With that in mind, we will wait for event risk to pass before establishing new exposure.
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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.