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USD/CHF Technical Analysis: Franc Gains Most in 2 Weeks

USD/CHF Technical Analysis: Franc Gains Most in 2 Weeks

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9170, 0.9071, 0.8960
  • Resistance: 0.9426, 0.9542, 0.9653

The US Dollar turned sharply lower against the Swiss Franc, producing the largest daily decline in two weeks. Near-term rising trend line support is at 0.9170, with a break below that on a daily closing basis exposing the May 7 low at 0.9071. Alternatively, a turn above the June 29 high at 0.9426 clears the way for a test of the May 27 top at 0.9542.

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.

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