USD/CHF Technical Analysis: Ready to Launch Rebound?
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- USD/CHF Technical Strategy: Flat
- Support:0.9462, 0.9367, 0.9214
- Resistance: 0.9574, 0.9632, 0.9726
The US Dollar found support near the 0.95 figure once again, with a Bullish Engulfing candlestick pattern hinting a larger rebound may be ahead. Near-term support is in the 0.9462-90 area (61.8% Fibonacci expansion, April 3 low), with a break below that on a daily closing basis exposing the 76.4% level at 0.9367. Alternatively, a move above the 14.6% Fib retracement at 0.9574 clears the way for a test of the 23.6% threshold at 0.9632.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com