USD/CHF Technical Analysis: 0.94 Holds Up as Resistance
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- USD/CHF Technical Strategy: Flat
- Support:0.9293, 0.9139, 0.9015
- Resistance: 0.9397, 0.9538, 0.9646
The US Dollar is digesting losses against the Swiss Franc having declined as expected after producing a bearish Evening Star candlestick pattern. A daily close below the 23.6% Fibonacci expansionat 0.9293 exposes the 38.2% level at 0.9139. Alternatively, a turn above the 0.9388-97 area (14.6% Fib, horizontal support-turned-resistance) clears the way for a test of trend line support-turned-resistance at 0.9538.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents 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.