USD/CHF Technical Analysis: Digesting Above 0.91 Figure
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- USD/CHF Technical Strategy: Flat
- Support:0.9139, 0.9015, 0.8890
- Resistance: 0.9295, 0.9345, 0.9453
The US Dollar moved lower against the Swiss Franc as expected after putting in a bearish Evening Star candlestick pattern. Near-term support is at 0.9139, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 0.9015. Alternatively, a turn above trend line support-turned-resistance at 0.9295 opens the door for a challenge of a downward-sloping barrier capping gains since mid-March, now at 0.9345.
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.