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- USD/CHF Technical Strategy: Flat
- Support:0.8971 (trend line), 0.8908 (38.2% Fib ret.)
- Resistance: 0.8990 (23.6% Fib exp.), 0.9036-39 (Jun 5 high, 38.2% Fib exp.)
The US Dollar is treading water against Swiss Franc as buyers struggle to overcome the 0.90 figure. Falling trend line resistance-turned-support is now at 0.8971, with a daily close below that clearing the way for a test of the 38.2% Fibonacci retracement at 0.8908. Alternatively, a push through the 23.6% Fib expansionat 0.8990 opens the door for a move to the 9036-39 area marked by the 38.2% level and the June 5 high.
Prices are wedged to tightly between immediate support and resistance barriers to justify a trade on the long or short side. We will continue to stand aside for now, waiting for a more actionable opportunity to emerge.
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Daily Chart - Created Using FXCM Marketscope 2.0