USD/CHF Technical Analysis: Quiet Consolidation Continues
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- USD/CHF Technical Strategy: Flat
- Support:0.9256, 0.9139, 0.9015
- Resistance: 0.9346, 0.9541, 0.9656
The US Dollar declined against the Swiss Franc as expected after producing a bearish Evening Star candlestick pattern. A daily close below trend line support at 0.9256 exposes the 38.2% Fibonacci expansion at 0.9139. Alternatively, a push above a downward-sloping barrier at 0.9346 clears the way for a test of support-turned-resistance at 0.9541.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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--- 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.