USD/CHF Technical Analysis: Rally Slows Near 0.97 Threshold
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- USD/CHF Technical Strategy: Flat
- Support:0.9641, 0.9573, 0.9524
- Resistance: 0.9712, 0.9770, 0.9829
The US Dollar paused to digest gains against the Swiss Franc having advanced to the strongest level 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 0.9573.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents 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.