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USD/CHF Technical Analysis: Stalling Below 0.96 Figure

USD/CHF Technical Analysis: Stalling Below 0.96 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9188, 0.9071, 0.8965
  • Resistance: 0.9557, 0.9769, 0.9985

The US Dollar continues to tread water against the Swiss Franc as buyers attempt to challenge late May swing highs. Near-term resistance is in the 0.9502-57 area (23.6% Fibonacci expansion, trend line), with a break above that on a daily closing basis exposing the 38.2% level at 0.9769. Alternatively, a turn below trend line support at 0.9188 clears the way for a test of the May 7 low at 0.9071.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CHF Technical Analysis: Stalling Below 0.96 Figure

--- 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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