USD/CHF Technical Analysis: Resistance Now Above 0.98
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- USD/CHF Technical Strategy: Flat
- Support:0.9770, 0.9712, 0.9641
- Resistance: 0.9829, 0.9900, 1.0016
The US Dollar accelerated upward against the Swiss Franc, with prices now seemingly poised to push above the 0.98 figure. A daily close above the 61.8% Fibonacci expansionat 0.9829 exposes the 76.4% level at 0.9900. Alternatively, a move back below the 50% Fib at 0.9770 clears the way for a test of the 38.2% expansion at 0.9712.
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