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Talking Points:
- USD/CHF Technical Strategy: Flat
- Support:0.9462, 0.9367, 0.9214
- Resistance: 0.9538, 0.9614, 0.9709
The US Dollar declined for a fifth consecutive day against the Swiss Franc, with prices back to challenge double bottom support below 0.95 anew. A daily close below the 0.9462-90 area (61.8% Fibonacci expansion, April 3 low) exposes the 76.4% level at 0.9367. Alternatively, a rebound above the 50% Fib at 0.9538 opens the door for a challenge of the 38.2% level at 0.9614.
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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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
original source
