USD/CHF Technical Analysis: SNB-Inspired Rally Erased
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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 tumbled against the Swiss Franc, erasing yesterday’s advance on the back of a broadening SNB stimulus effort. A daily close below the 0.9462-90 area (61.8% Fibonacci expansion, April 3 low) exposes the 76.4% level at 0.9367. Alternatively, a move back above the 14.6% Fib retracementat 0.9574opens the door for a challenge of the 23.6% threshold at 0.9632.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.