Forex Marketz Daily Forex News – Fully Markets Update
USD/CHF (0.9724)
- Resistance Levels: 0.9730, 0.9780, 0.9835
- Support Levels: 0.9660, 0.9620, 0.9550
As expected the United States Dollar recovered versus the Swiss franc. The U.S. Dollar showed strength versus most of its Forex trading partners as the U.S. Federal Reserve promised to keep rates low for the foreseeable future.
The USD/CHF is now threatening to break through the Wedge Floor resistance level at 0.9730 today, with a daily close above then the price action will challenge the technical level at 0.9780. Should the Dollar decline again, then we need to fall below the technical handle of 0.9660/59. If this happens the USD/CHF would then challenge 0.9620 and lower.
Looking at the chart today, I am opting not to place a trade and keep my strategy flat. Here is why. Prices are too close to a resistance level to place a long trade. Timing is not right from a risk to reward perspective. As far as placing a short trade, there are no bearish reversal signals to warrant that move, as well. Hence, I will watch and wait for a better trade signal to develop.
Trade Strategies are educational in nature and do not constitute trade advice. Always perform your own technical analysis to support my own conclusions before placing a trade.