USD/CHF Technical Analysis: Still Waiting for Direction Cues
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- USD/CHF Technical Strategy: Flat
- Support:0.9570, 0.9524, 0.9467
- Resistance: 0.9641, 0.9712, 0.9770
The US Dollar continues to tread water after advancing to the strongest level in three months against the Swiss Franc. Near-term resistance is at 0.9641, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 0.9712. Alternatively, a reversal below trend line support at 0.9570 clears the way for a test of the July 23 low at 0.9524.
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.
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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.