USD/CHF Technical Analysis: Franc in Consolidation Mode
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- USD/CHF Technical Strategy: Flat
- Support:0.9428, 0.9213, 0.8997
- Resistance: 0.9756, 0.9921, 1.0188
The US Dollar is digesting losses against the Swiss Franc after finding support below the 0.95 figure. A daily close below the 38.2% Fibonacci retracementat 0.9428 exposes the 50% level at 0.9213. Alternatively, a turn above the 14.6% Fib expansion at 0.9756 opens the door for a test of the 23.6% barrier at 0.9921.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com