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Talking Points:
- USD/CHF Technical Strategy: Flat
- Support:0.9662, 0.9551, 0.9343
- Resistance: 0.9843, 0.9988, 1.0134
The US Dollar continues to build upward against the Swiss Franc as price attempt to return to the parity threshold. A daily close above the 38.2% Fibonacci expansion at 0.9843 exposes the 50% level at 0.9988. Alternatively, a turn below the 23.6% Fib at 0.9662 opens the door for a test of the intersection of trend line support and the 14.6% expansion at 0.9551.
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
