To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- USD/CHF Technical Strategy: Flat
- Support: 0.8983, 0.8934, 0.8904
- Resistance: 0.9022-36, 0.9061, 0.9110
The US Dollar is attempting to extend its advance against the Swiss Franc having launched to the highest level in nearly two months yesterday. A daily close above resistance in the 0.9022-36 area, marked by the 50% Fibonacci expansion and the June 5 high, exposes the 61.8% level at 0.9061. Alternatively, a turn below the 38.2% Fib at 0.8983 opens the door for a test of the 23.6% expansion at 0.8934.
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.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
original source
