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USD/CHF Technical Analysis: Franc Declines to Monthly Low

USD/CHF Technical Analysis: Franc Declines to Monthly Low

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9357, 0.9258, 0.9186
  • Resistance: 0.9490, 0.9560, 0.9675

The US Dollar resumed its advance against the Swiss Franc, advancing to the strongest level in a month. A daily close above the 0.9466-90 area (50% Fibonacci retracement, range support-turned-resistance) exposes the 61.8% level at 0.9560. Alternatively, a reversal below the 0.9357-73 zone (May 12 high, 38.2% Fib) clears the way for a test of the 23.6% retracement at 0.9258.

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: Franc Declines to Monthly Low

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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