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Talking Points:
- USD/CHF Technical Strategy: Flat
- Support: 9022, 0.8983, 0.8934
- Resistance: 0.9061, 0.9110, 0.9189
The US Dollar continues to push higher against the Swiss Franc, with prices overcoming June’s swing high to hit the highest level in close to six months. A daily close above resistance at 0.9061, the 61.8% Fibonacci expansion, exposes the 76.4% level at 0.9110. Alternatively, a turn below the 50% Fib at 0.9022 opens the door for a test of the 38.2% expansion at 0.8983.
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 argues against taking up the short side. We will remain flat for now.
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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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