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Talking Points:
- USD/CHF Technical Strategy: Flat
- Support:0.9179, 0.9071, 0.8958
- Resistance: 0.9554, 0.9769, 0.9985
The US Dollar continued to push higher against the Swiss Franc, with buyers now taking aim at late May swing highs. A daily close above the 0.9551-54 area (23.6% Fibonacci expansion, trend line) exposes the 38.2% level at 0.9769. Alternatively, a turn below trend line support at 0.9179 clears the way for a test of the May 7 low at 0.9071.
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.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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