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Talking Points:
- USD/CHF Technical Strategy: Flat
- Support:0.9062, 0.8967, 0.8891
- Resistance: 0.9225, 0.9320, 0.9474
The US Dollar found interim support below the 0.91 figure against the Swiss Franc having touched the lowest level in over three months. A daily close above the 14.6% Fibonacci retracement at 0.9225 exposes the 23.6% level at 0.9320. Alternatively, a turn below the 123.6% Fib expansion at 0.9062 opens the door for a challenge of the 138.2% threshold at 0.8967.
While entering short is tempting from a purely technical perspective, we will tactically opt to stand aside. Erratic SNB policy moves since the beginning of the year imply a worrisome degree of outsized volatility risk in having exposure to anything CHF-related. As such, we prefer to stand aside.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
