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USD/CHF Technical Analysis: Range Floor Support Held

USD/CHF Technical Analysis: Range Floor Support Held

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9108, 0.8954, 0.8830
  • Resistance: 0.9357, 0.9490, 0.9616

The US Dollar is attempting to regain momentum against the Swiss Franc after rebounding from range support above the 0.91 figure. A daily close above the May 12 high at 0.9357 exposes horizontal support-turned-resistance at 0.9490. Alternatively, a reversal below the 23.6% Fibonacci expansion at 0.9108 opens the door for a challenge of the 38.2% level at 0.8954.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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USD/CHF Technical Analysis: Range Floor Support Held

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.

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