Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account

Resources

Forex: USD/CHF Technical Analysis – Franc May Extend Advance

By , Currency Strategist
08 April 2014 03:31 GMT

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8844 (23.6% Fib exp.), 0.8777 (38.2% Fib exp.)
  • Resistance: 0.8903 (Apr 4 high)

The Swiss Franc launched a recovery against the US Dollar as expected after prices put in a Shooting Star candlestick near the 0.89 figure. The pair has now completed a bearish Evening Star pattern, warning of continued weakness ahead. Near-term support is at 0.8844, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 0.8777. Initial resistance is at 0.8903, the April 4 swing high.

Risk/reward considerations argue against entering short with prices squarely at relevant support. On the other hand, taking up the long side looks premature absent a defined bullish reversal signal. With that in mind, we will remain flat for now.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_usd-chf_body_Picture_5.png, Forex: USD/CHF Technical Analysis – Franc May Extend Advance

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from

08 April 2014 03:31 GMT