USD/CHF Technical Analysis: Flat-Lining at May Top
Dailyfx | May 22, 2015 01:08AM ET
Talking Points:
- USD/CHF Technical Strategy: Flat
- Support:0.9258, 0.9186, 0.9113
- Resistance: 0.9373, 0.9490, 0.9560
The Swiss Franc . Near-term resistance is at 0.9373, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 0.9466-90 (50% level, channel support-turned-resistance). Alternatively, a turn below the 23.6% Fib at 0.9258 clears the way for a test of the 14.6% retracement at 0.9186.
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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