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USD/CHF Technical Analysis: Flat-Lining at May Top

USD/CHF Technical Analysis: Flat-Lining at May Top

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9258, 0.9186, 0.9113
  • Resistance: 0.9373, 0.9490, 0.9560

The US Dollar continues to tread water after failing to push above the May high above the 0.94 figure against the Swiss Franc. Near-term resistance is at 0.9373, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 0.9466-90 (50% level, channel support-turned-resistance). Alternatively, a turn below the 23.6% Fib at 0.9258 clears the way for a test of the 14.6% retracement at 0.9186.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CHF Technical Analysis: Flat-Lining at May Top

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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.

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