USD/CHF Technical Analysis: Support Now Below 0.93 Mark
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- USD/CHF Technical Strategy: Flat
- Support:0.9293, 0.9139, 0.9015
- Resistance: 0.9388, 0.9537, 0.9645
The US Dollar declined against the Swiss Franc as expected after putting in a bearish Evening Star candlestick pattern. Near-term support is at 0.9293, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 0.9139. Alternatively, a move above the 14.6% Fib at 0.9388 opens the door for a challenge of trend line support-turned-resistance at 0.9537.
Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.
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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.