USD/CHF Technical Analysis: Retracing After Sharp Decline
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- USD/CHF Technical Strategy: Flat
- Support:0.9174, 0.9071, 0.8960
- Resistance: 0.9426, 0.9542, 0.9653
The US Dollar corrected higher after issuing the largest daily decline in two weeks against the Swiss Franc. A daily close below trend line support at 0.9174 exposes the May 7 low at 0.9071. Alternatively, a reversal above the June 29 high at 0.9426 opens the door for a challenge of the May 27 top at 0.9542.
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.