USD/CHF Technical Analysis: Sellers Now Aiming Below 0.93
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- USD/CHF Technical Strategy: Flat
- Support:0.9213, 0.8997, 0.8730
- Resistance: 0.9490, 0.9718, 0.9862
The US Dollar dropped to the lowest level in over two months against the Swiss Franc, with sellers now aiming below the 0.93 figure. A daily close below the 50% Fibonacci retracement at 0.9213 exposes the 61.8% level at 0.8997. Alternatively, a turn above 0.9428-90 opens the door for a challenge of the April 23 high at 0.9718.
A short position seems compelling from a strictly technical point of view, but we will tactically pass on the opportunity. Erratic SNB monetary policy since the beginning of the year warns of significant underlying outsized volatility risk inherent to any CHF-linked exposure. As such, we will look for setups elsewhere.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com