USD/CHF Technical Analysis: Franc Sinks to Monthly Low
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- USD/CHF Technical Strategy: Flat
- Support:0.9490, 0.9357, 0.9258
- Resistance: 0.9560, 0.9675, 0.9862
The US Dollar advanced for a third consecutive day against the Swiss Franc, with prices hitting the highest level a month. A daily close above the 61.8%Fibonacci retracementat 0.9560 exposes the 76.4% level at 0.9675. Alternatively, a reversal below the 50% Fib at 0.9466 clears the way for a test of the 0.9357-73 area (May 12 high, 38.2% retracement).
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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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com