To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- USD/CHF Technical Strategy: Flat
- Support:0.9987, 0.9859, 0.9695
- Resistance: 1.0132, 1.0313, 1.0604
The US Dollar may be topping against the Swiss Franc having produced a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 0.9987, the 50% Fibonacci expansion, with a break below that exposing the 14.6% Fib retracement at 0.9859. Alternatively, a move above the 61.8% expansion at 1.0132 clears the way for a challenge of the 76.4% threshold at 1.0313.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
