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Talking Points:
- USD/CHF Technical Strategy: Flat
- Support:0.9388, 0.9293, 0.9139
- Resistance: 0.9599, 0.9723, 0.9877
The US Dollar may be readying to turn lower against the Swiss Franc following the appearance of a bearish Evening Star candlestick pattern. A daily close below the 14.6% Fibonacci expansion at 0.9388 exposes the 23.6% level at 0.9293. Alternatively, a rebound above the 0.9534-99 area (trend line, 50% Fib expansion) clears the way for a test of the 61.8% threshold at 0.9723.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long 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
