USD/CHF Technical Analysis: Coiling Up for Breakout?
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- USD/CHF Technical Strategy: Flat
- Support:0.9264, 0.9139, 0.9015
- Resistance: 0.9330, 0.9543, 0.9662
The US Dollar moved lower against the Swiss Franc as expected after putting in a bearish Evening Star candlestick pattern. Near-term trend line support is at 0.9264, with a break below that on a daily closing basis exposing the 38.2% Fibonacci expansion at 0.9139. Alternatively, a turn above a downward-sloping barrier at 0.9330 opens the door for a challenge of support-turned-resistance at 0.9543.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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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.