USD/CHF Technical Analysis: Rally Extends for Ninth Session
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- USD/CHF Technical Strategy: Flat
- Support:0.9987, 0.9841, 0.9660
- Resistance: 1.0132, 1.0313, 1.0604
The US Dollar may be set to push above the parity threshold against the Swiss Franc after prices narrowly breached resistance above the 0.99 figure. A daily close above the 61.8% Fibonacci expansion at 1.0132 exposes the 76.4% level at 1.0313. Alternatively, a turn back below the 50% Fib at 0.9887 opens the door for a test of the 38.2% expansion at 0.9841.
Entering long is tempting from a purely technical perspective but we will tactically opt to stand aside. Prices continue to build the longest string of consecutive daily gains in 12 years, warning that positioning may be increasingly stretched. With that in mind, chasing the pair higher seems unattractive at this point.
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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.