USD/CHF Technical Analysis: Pausing to Digest Advance
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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 paused to consolidate gains against the Swiss Franc, snapping a three-day winning streak. Near-term resistance is at 0.9560, the 61.8%Fibonacci retracement, with a break above that on a daily closing basis exposing the 76.4% level at 0.9675. Alternatively, a turn below the 50% Fib at 0.9466 opens the door for a challenge of the 0.9357-73 area (May 12 high, 38.2% retracement).
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com