USD/CHF Technical Analysis: March Toward Parity Continues
DailyFX.com -
To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
USD/CHF Technical Strategy: Flat
Support:0.9662, 0.9551, 0.9343
Resistance: 0.9843, 0.9988, 1.0134
The US Dollar continues to build upward against the Swiss Franc as price attempt to return to the parity threshold. A daily close above the 38.2% Fibonacci expansion at 0.9843 exposes the 50% level at 0.9988. Alternatively, a turn below the 23.6% Fib at 0.9662 opens the door for a test of the intersection of trend line support and the 14.6% expansion at 0.9551.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.