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Talking Points:
- USD/CHF Technical Strategy: Flat
- Support:0.9794, 0.9695, 0.9428
- Resistance: 0.9890, 1.0126, 1.0321
The US Dollar found interim support against the Swiss Franc after issuing the largest daily decline in two months. Near-term resistance is at 0.9890, the 14.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 1.0055-126 area (23.6% level, March 12 high). Alternatively, a push below trend line support at 0.9794 clears the way for a challenge of the 23.6% Fib retracement at 1.0251.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
