USD/CHF Technical Analysis: Treading Water Below 0.98
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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 attempting to launch a recovery after finding support below the 0.95 figure against the Swiss Franc. Near-term resistance is at 0.9756, the 14.6% Fibonacciexpansion, with a break above that on a daily closing basis exposing the 23.6% level at 0.9921. Alternatively, a reversal below the 38.2% Fib retracementat 0.9428clears the way for a challenge of the 50% threshold at 0.9213.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com