USD/CHF Technical Analysis: Sideways Drift Continues
To receive Ilya's analysis directly via email, please SIGN UP HERE
- USD/CHF Technical Strategy: Flat
- Support:0.9462, 0.9367, 0.9214
- Resistance: 0.9574, 0.9632, 0.9726
The US Dollar continues to drift sideways against the Swiss Franc once following last week’s brief surge of SNB-inspired volatility. 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.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com