USD/CHF Technical Analysis: Candle Setup Hints at 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 may be preparing to turn higher against the Swiss Franc after prices put in a Bullish Engulfing candlestick pattern. A daily close above the 14.6% Fibonacci retracement at 0.9574 exposes the 23.6% level at 0.9632. Alternatively a push below the 0.9462-90 area (61.8% Fib expansion, April 3 low) opens the door for a challenge of the 76.4% threshold at 0.9367.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com