To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- USD/CHF Technical Strategy: Flat
- Support:0.9357, 0.9258, 0.9186
- Resistance: 0.9490, 0.9560, 0.9675
The US Dollar resumed its advance against the Swiss Franc, advancing to the strongest level in a month. A daily close above the 0.9466-90 area (50% Fibonacci retracement, range support-turned-resistance) exposes the 61.8% level at 0.9560. Alternatively, a reversal below the 0.9357-73 zone (May 12 high, 38.2% Fib) clears the way for a test of the 23.6% retracement at 0.9258.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short 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
