To receive Ilya’s analysis directly via email, please SIGN UP HERE
Talking Points:
USD/CHF Technical Strategy: Flat
Support: 0.9835, 0.9781, 0.9727
Resistance:0.9902, 1.0010, 1.0118
The US Dollar is in consolidation mode below the 0.99 figure having established a 28-month high against the Swiss Franc. Near-term resistance is at 0.9902, the 76.4% Fibonacci expansion, with a break above that on a daily closing basis exposing the 100% level at 1.0010. Alternatively, a reversal below the 61.8% Fib at 0.9835 opens the door for a test of the 50% expansion at 0.9781.
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
USD/CHF Technical Analysis: Struggling to Clear Range Top
No comments:
Post a Comment