Forex Marketz Daily Forex News – Fully Markets Update
USD/CHF (0.9278)
- Resistance Levels: 0.9320, 0.9415, 0.9570
- Support Levels: 0.9190, 0.9098, 0.8945
Trade Strategy: Stand Aside
The USD/CHF has stalled just below the key pivot at 0.93. We are trading in a tight trading range after recovering slightly more than half of the losses the Dollar suffered after the stunning SNB decision to cancel its peg against the euro. Let’s refer to the below daily MT 4 chart.
The Dollar needs to close back above 0.9320 in order to challenge the technical resistance level at 0.9415. Should the USD/CHF push lower, w note support at 0.9190. A daily close below this level challenges the technical support at 0.9098.
Price action in the Swissy is too narrow and absent any clearly defined trade setups right now. There is no point committing to a long or short trade when you cannot see direction. For now, I am opting to stand aside and will wait for an actionable trade setup to materialize.
