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Talking Points:
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USD/CHF Technical Strategy: Flat
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Support: 0.9312 0.9196 0.9079
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Resistance:0.9456 0.9492 0.9545
The US Dollar declined as expected against the Swiss Franc after prices formed a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 0.9312 the intersection of a falling channel floor and the 38.2% Fibonacci retracement with a break below that on a daily closing basis exposing the 0.9196-0.9218 area marked by a rising trend line set from early May and the 50% level. Alternatively a turn above the 23.6% Fib at 0.9456 clears the way for a test of channel top resistance at 0.9492
The dominant trend appears to favor the upside suggesting the descent from October’s high is corrective. With that in mind we will opt against taking up the short side and wait for a buying opportunity following confirmation that the pullback has been exhausted.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak Currency Strategist for DailyFX.com
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