USD/CHF Technical Analysis – Quiet Consolidation Continues
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Talking Points:
USD/CHF Technical Strategy: Flat
Support: 0.8970 (trend line), 0.8902-39 (Jan 24, Feb 11 lows)
Resistance: 0.9014 (trend line), 0.9081 (Feb 3 high)
The Swiss Franc continues to oscillate in a narrow consolidation pattern around the 0.90 figure to the US Dollar. A break below upward-sloping support – now at 0.8970 – on a daily closing basis targets swing lows at 0.8939 and 0.8902. Alternatively, a push above resistance at 0.9014 aims for the January 8 high at 0.9127.
Risk/reward considerations argue against taking a trade at current levels as prices look for direction in the immediate vicinity of near-term support and resistance levels. We will continue to wait on the sidelines for the time being, looking for a clearly-defined breakout from consolidation to consider a directional bet.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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