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Sunday, July 27, 2014

USD/CHF Technical Analysis

 The US Dollar continues to push higher against the Swiss Franc, with prices overcoming June’s swing high to hit the highest level in close to six months. A daily close above resistance at 0.9062, the 61.8% Fibonacci expansion, exposes the 76.4% level at 0.9109. Alternatively, a turn below the 50% Fib at 0.9021 opens the door for a test of the 38.2% expansion at 0.8982.

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 argues against taking up the short side. We will remain flat for now.


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