USD/CHF Technical Analysis: Oscillating in Familiar Range
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- USD/CHF Technical Strategy: Flat
- Support:0.9428, 0.9213, 0.8997
- Resistance: 0.9746, 0.9910, 1.0177
The US Dollar continues to consolidate in a now-familiar range above the 0.94 figure against the Swiss Franc. A daily close above the 14.6% Fibonacciexpansionat 0.9746 exposes the 23.6% level at 0.9910. Alternatively, a turn below the 38.2% Fib retracementat 0.9428opens the door for a test of the 50% threshold at 0.9213.
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