USD/CHF Technical Analysis: Seven-Week Support in Focus
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- USD/CHF Technical Strategy: Flat
- Support:0.9769, 0.9695, 0.9428
- Resistance: 0.9859, 1.0126, 1.0251
The US Dollar moved sharply lower against the Swiss Franc, issuing the largest decline in two months. A daily close below trend line support at 0.9769 exposes the 23.6% Fibonacci retracement at 0.9695. Alternatively, a move above the 14.6% Fib at 0.9859 opens the door for a test of the March 12 high at 1.0251.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com