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USD/CHF Technical Analysis: Narrow Break Higher Suspect

USD/CHF Technical Analysis: Narrow Break Higher Suspect

Ilya Spivak, Head Strategist, APAC

USD/CHF Technical Analysis – Prices cautiously recovered above the 50% Fibonacci retracement at 0.9440, hinting at renewed upside momentum ahead. Near-term resistance is at 0.9513, the 38.2% level. The break higher is extremely narrow at a mere 4 pips however, raising concerns about upside follow-through. A reversal back beneath 0.9440 sees the next layer of support at 0.9367, the 61.8% Fib.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_usd-chf_body_usdchf.png, USD/CHF Technical Analysis: Narrow Break Higher Suspect

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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