USD/CHF Technical Analysis: Still Stuck in Narrow Range
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- USD/CHF Technical Strategy: Flat
- Support:0.9726, 0.9617, 0.9529
- Resistance: 0.9793, 0.9902, 0.9991
The US Dollar continues to tread water after issuing the largest daily drop in over two months against the Swiss Franc. A daily close below 0.9726 (trend line, 23.6% Fibonacci retracement) exposes the 38.2% level at 0.9617. Alternatively, a move above the 14.6% Fib at 0.9793 clears the way for a test of the August 11 high at 0.9902.
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.