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Talking Points:

• USD/CHF Technical Strategy: Flat

• Support:0.9258, 0.9186, 0.9113

• Resistance: 0.9373, 0.9490, 0.9560

The US Dollar stalled after moving to challenge its May high above the 0.94 figure against the Swiss Franc. A daily close above the 38.2% Fibonacci retracementat 0.9373 exposes the 0.9466-90 (50% level, channel support-turned-resistance). Alternatively, a reversal below the 23.6% Fib at 0.9258 opens the door for a challenge of the 14.6% retracement at 0.9186.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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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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