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USD/CHF Technical Analysis: May High in the Crosshairs
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Talking Points:
USD/CHF Technical Strategy: Flat
Support:0.9177, 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. Near-term resistance is in the 0.9502-54 area (23.6% Fibonacci expansion, trend line), with a break below that on a daily closing basis exposing the 38.2% level at 0.9769. Alternatively, a turn below trend line support at 0.9177 clears the way for a test of the May 7 low at 0.9071.
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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--- 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.
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