USD/CHF Technical Analysis: 3-Month Resistance Broken
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- USD/CHF Technical Strategy: Flat
- Support:0.9330, 0.9261, 0.9219
- Resistance: 0.9385, 0.9441, 0.9510
The US Dollar looks poised to rise against the Swiss Franc after prices cleared resistance at a trend line capping gains since mid-March. A daily close above the 50% Fibonacci expansion at 0.9385 exposes the 61.8% level at 0.9441. Alternatively, a reversal below 0.9330 (trend line, 38.2% Fib) opens the door for a challenge of the 23.6% expansion at 0.9261.
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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--- 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.