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USD/CHF Technical Analysis: Move Above 0.97 Signaled

USD/CHF Technical Analysis: Move Above 0.97 Signaled

2015-07-30 03:22:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9641, 0.9572, 0.9524
  • Resistance: 0.9712, 0.9770, 0.9829

The US Dollar resumed its move higher against the Swiss Franc, issuing the strongest daily close in three months. Near-term resistance is at 0.9712, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 0.9770. Alternatively, a move back below the 23.6% Fib at 0.9641 opens the door for a challenge of trend line support at 0.9572.

The available trading range is too narrow to justify entering a trade in line with our long-term Euro outlook from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.

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USD/CHF Technical Analysis: Move Above 0.97 Signaled

--- 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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