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USD/CHF Technical Analysis – Quiet Consolidation Continues

USD/CHF Technical Analysis – Quiet Consolidation Continues

2014-02-13 08:24:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8970 (trend line), 0.8902-39 (Jan 24, Feb 11 lows)
  • Resistance: 0.9014 (trend line), 0.9081 (Feb 3 high)

The Swiss Franc continues to oscillate in a narrow consolidation pattern around the 0.90 figure to the US Dollar. A break below upward-sloping support – now at 0.8970on a daily closing basis targets swing lows at 0.8939 and 0.8902. Alternatively, a push above resistance at 0.9014 aims for the January 8 high at 0.9127.

Risk/reward considerations argue against taking a trade at current levels as prices look for direction in the immediate vicinity of near-term support and resistance levels. We will continue to wait on the sidelines for the time being, looking for a clearly-defined breakout from consolidation to consider a directional bet.

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

dailyclassics_usd-chf_body_Picture_11.png, USD/CHF Technical Analysis – Quiet Consolidation Continues

Daily Chart - Created Using FXCM Marketscope 2.0

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

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

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