USD/CHF Technical Analysis: Resistance Below 0.99 Holding
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- USD/CHF Technical Strategy: Flat
- Support:0.9793, 0.9726, 0.9617
- Resistance: 0.9895, 0.9977, 1.0110
The US Dollar advanced for a seventh consecutive day against the Swiss Franc, hitting the highest level in five months. Near-term resistance is at 0.9895, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis exposing the 74.6% level at 0.9977. Alternatively, a turn below the 14.6% Fib retracement at 0.9793 opens the door for a challenge of the 23.6% threshold at 0.9726.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com