USD/CHF Technical Analysis: Rebound Falters Above Parity
To receive Ilya's analysis directly via email, please SIGN UP HERE
- USD/CHF Technical Strategy: Flat
- Support:0.9695, 0.9428, 0.9213
- Resistance: 1.0051, 1.0126, 1.0249
The US Dollar lost its footing above parity threshold against the Swiss Franc overturning its two-month uptrend. A daily close below the 23.6% Fibonacci retracement at 0.9695 exposes the 38.2% level at 0.9428. Alternatively, a move back above trend line support-turned-resistance at 1.0051 opens the door for at test of the March 12 high at 1.0126.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.