USD/CHF: Treading Water Below 0.95
Dailyfx | Apr 27, 2015 02:49AM ET
Talking Points:
- USD/CHF Technical Strategy: Flat
- Support:0.9462, 0.9367, 0.9214
- Resistance: 0.9574, 0.9632, 0.9726
The US dollar is treading water against the Swiss Franc once again following a brief surge of SNB-inspired see-saw volatility. Near-term support is in the 0.9462-90 area (61.8% Fibonacci expansion, April 3 low), with a break below that on a daily closing basis exposing the 76.4% level at 0.9367. Alternatively, a reversal back above the 14.6% Fib retracement at 0.9574 clears the way for a test of the 23.6% threshold at 0.9632.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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