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Talking Points:
- USD/CHF Technical Strategy: Flat
- Support: 0.8757, 0.8582, 0.8299
- Resistance: 0.9040, 0.9269, 0.9498
The US Dollar may turn lower against the Swiss Franc after the formation of a Spinning Top candlestick. A daily close below the 23.6% Fibonacci retracement at 0.8757 exposes the 14.6% level at 0.8582. Alternatively, a turn above the 38.2% Fib at 0.9040 opens the door for a test of the 50% retracement at 0.9269.
Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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