USD/CHF Technical Analysis: Monthly Bottom in Focus
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- USD/CHF Technical Strategy: Flat
- Support:0.9108, 0.8954, 0.8830
- Resistance: 0.9203, 0.9357, 0.9490
The US Dollar turned lower against the Swiss Franc once again, putting in the largest decline in two weeks. Near-term support is at 0.9108, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 0.8954. Alternatively, a turn above the 14.6% Fib at 0.9203 clears the way for a test of the May 12 high at 0.9357.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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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.