USD/CHF Technical Analysis: Resistance Below 0.95 in Focus
To receive Ilya's analysis directly via email, please SIGN UP HERE
- USD/CHF Technical Strategy: Flat
- Support:0.9357, 0.9258, 0.9186
- Resistance: 0.9490, 0.9560, 0.9675
The US Dollar continues to push higher against the Swiss Franc, with buyers set to challenge a key barrier just below the 0.95 figure. Near-term resistance is in the 0.9466-90 area (50% Fibonacci retracement, range support-turned-resistance), with a break above that on a daily closing basis exposing the 61.8% level at 0.9560. Alternatively, a turn below the 0.9357-73 zone (May 12 high, 38.2% Fib) opens the door for a challenge of the 23.6% retracement at 0.9258.
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!
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com