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Talking Points:
- USD/CHF Technical Strategy: Flat
- Support: 0.8802 (23.6% Fib exp.), 0.8742 (Apr 11 low)
- Resistance: 0.8839 (38.2% Fib exp.), 0.8869 (61.8% Fib exp.)
The US Dollar continued to recover after prices found support above the 0.87 figure, hitting the highest level in two weeks against the Swiss Franc. Breaking above the 23.6% Fibonacci expansion at 0.8802 has exposed the 38.2% level at 0.8839. A further move higher beyond that aims for the 50% Fib at 0.8869. Alternatively, a turn back below 0.8802 exposes the April 11 lowat 0.8742.
The available trading range is too narrow to justify a trade from a risk/reward perspective. We will continue to stand aside for now, looking for a more attractive entry to present itself.
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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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