USD/CHF Technical Analysis: Rejected Lower Above 0.97
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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 stalled below the 0.98 figure against the Swiss Franc, snapping two days of consecutive gains. A daily close above the 14.6% Fibonacciexpansionat 0.9756 exposes the 23.6% level at 0.9921. Alternatively, a turn below the 38.2% Fib retracementat 0.9428opens the door for a test of the 50% threshold at 0.9213.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com