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USD/CHF Headed Higher?

USD/CHF Headed Higher?

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • Reverses from key technical level
  • Cyclical outlook turning more positive in the days ahead

To receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

USD/CHF has moved steadily higher since finding support last week just ahead of the 1st square root relationship of the 2013 low at .8890. With the near-term cyclical picture turning more positive over the next few days and the exchange rate overcoming key Fibonacci and psychological resistance at .9000 we like the risk to reward of getting long the pair. We cannot rule out some sideways price action before the rate heads higher in earnest so we like buying on any moderate weakness back towards the 2nd square root relationship of the 2013 low at .8985. A daily close below last week’s closing low at .8935 would undermine the immediate upside potential and turn us negative on the exchange rate.

USD/CHF Daily Chart: January 30, 2014

Range_JAN_30_body_Picture_2.png, USD/CHF Headed Higher?

Charts Created using Marketscope – Prepared by Kristian Kerr

Key Event Risks in Coming Sessions:

Range_JAN_30_body_Picture_1.png, USD/CHF Headed Higher?

LEVELS TO WATCH

Resistance: .9045 (Gann), .9080 (Gann)

Support: .8985 (Gann), .8935 (Last week’s closing low)

Strategy: Buy USD/CHF on weakness

Entry: Buy USD/CHF at .9005

Stop: 1-day close below .8935

Target: .9145

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

Are you looking for other ways to pinpoint support and resistance levels? Take our free tutorial on using Fibonacci retracements.

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter at@KKerrFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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