To receive Ilya’s analysis directly via email, please SIGN UP HERE
Talking Points:
- USD/CHF Technical Strategy: Flat
- Support:0.9170, 0.9071, 0.8960
- Resistance: 0.9426, 0.9542, 0.9653
The US Dollar turned sharply lower against the Swiss Franc, producing the largest daily decline in two weeks. Near-term rising trend line support is at 0.9170, with a break below that on a daily closing basis exposing the May 7 low at 0.9071. Alternatively, a turn above the June 29 high at 0.9426 clears the way for a test of the May 27 top at 0.9542.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
— Written by Ilya Spivak, Currency Strategist for DailyFX.com