USD/CHF Technical Analysis: Prices Tap Four-Month High
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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 paused to consolidate its advance against the Swiss Franc after prices spiked to the highest level in close to four months. Near-term resistance is at 0.9829, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis exposing the 76.4% level at 0.9900. Alternatively, a turn back below the 50% Fib at 0.9770 opens the door for a challenge of the 38.2% expansion at 0.9712.
The available trading range is too narrow to justify entering a trade on the long or short side 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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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com