Forex Marketz Daily Forex News – Fully Markets Update
USD/CHF (0.9844)
- Support Levels: 0.9830, 0.9761, 0.9680
- Resistance Levels: 0.9895, 0.9978, 1.0109
- Trade Strategy: Stand Aside
The USD/CHF Forex market continues to move higher as Forex traders are not being kind to the Swiss Franc. Please refer to the below daily USD/CHF MT 4 chart and note price action is testing the upper band of the two month rising channel.
Technical Analysis
Let’s look at today’s USD/CHF technical analysis. There is resistance running from 0.9867 to the channel top at 0.9895. A daily close above this technical level will challenge the technical resistance at 0.9978. The alternative USD/CHF technical analysis, should the US Dollar push lower, thus supporting the Swiss franc, notes support lining up at 0.9830. A break below this technical support challenges the next technical support lining up at 0.9761.
Trade Strategy
Looking at today’s USD/CHF trade strategy, there is little event risk on today’s economic calendar. This means the US Dollar should continue to drift higher absent any unforeseen breaking economic or financial news. I will need to rely more on my technical analysis and charts for a trade decision today. Let’s get to it.
Price action in this Forex market is too close to technical resistance level to justify taking a long USD trade at this time. From a risk to reward perspective, timing is off for a long move. There are no bearish reversal signals warranting a short USD trade. A short trade is premature right now. For now, I will opt to stand aside and monitor my charts for a more opportune trade opportunity to come along. For today, I am flat in the USD/CHF Forex market.
