To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- USD/CHF Technical Strategy: Flat
- Support: 0.9614, 0.9538, 0.9462
- Resistance: 0.9709, 0.9767, 0.9862
The US Dollar declined for a third consecutive day after finding resistance above the 0.98 figure against the Swiss Franc. A daily close below the 38.2% Fibonacci expansion at 0.9614 exposes the 50% level at 0.9538. Alternatively, a reversal above the 23.6% Fib at 0.9709 opens the door for a challenge of the 14.6% level at 0.9767.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
original source
