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Talking Points:
- USD/CHF Technical Strategy: Flat
- Support:0.9357, 0.9258, 0.9186
- Resistance: 0.9490, 0.9560, 0.9675
The US Dollar continues to push higher against the Swiss Franc, with buyers set to challenge a key barrier just below the 0.95 figure. Near-term resistance is in the 0.9466-90 area (50% Fibonacci retracement, range support-turned-resistance), with a break above that on a daily closing basis exposing the 61.8% level at 0.9560. Alternatively, a turn below the 0.9357-73 zone (May 12 high, 38.2% Fib) opens the door for a challenge of the 23.6% retracement at 0.9258.
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 short side is premature. We will remain flat for now, waiting for an 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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