USDCHF Technical Analysis: trading range is too narrow to justify the trades on the long or short side
8 January 2015, 15:11
0
125
| Resistance | Support |
|---|---|
| 1.0185 | 1.0118 |
| 1.0239 | 1.0010 |
| 1.0293 | 0.9902 |
The US Dollar continues to push higher against the Swiss Franc, with buyers extending the advance for a fifth consecutive day. Near-term resistance is at 1.0185, the 138.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 150% level at 1.0239. Alternatively, a reversal below the 123.6% Fib at 1.0118 clears the way for a challenge of the 100% expansion at 1.0010.
The available trading range is too narrow to justify the trades on the long or short side from a risk/reward perspective. With that in mind, we will remain on the sidelines for now and wait for a more actionable opportunity to present itself.
