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Talking Points:

• USD/CHF Technical Strategy: Flat

• Support:0.9428, 0.9213, 0.8997

• Resistance: 0.9746, 0.9910, 1.0177

The US Dollar is attempting to launch a recovery after finding support below the 0.95 figure against the Swiss Franc. Near-term resistance is at 0.9746, the 14.6% Fibonacciexpansion, with a break above that on a daily closing basis exposing the 23.6% level at 0.9910. Alternatively, a reversal below the 38.2% Fib retracementat 0.9428clears the way for a challenge of the 50% threshold at 0.9213.

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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Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

original source

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