USD/CHF Technical Analysis: Sellers Breach 0.96 Figure
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Talking Points:
USD/CHF Technical Strategy: Flat
Support:0.9529, 0.9441, 0.9332
Resistance: 0.9617, 0.9726, 0.9793
The US Dollar continued to sink against the Swiss Franc, with sellers claiming a foothold below the 0.96 figure. A daily close below 50% Fibonacci retracement at 0.9529 exposes the 61.8% level at 0.9441. Alternatively, a move above the 38.2% Fib at 0.9617 clears the way for a test of the 23.6% retracement at 0.9726.
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
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