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Forex: USD/CHF Technical Analysis – Key Trend Line in Focus

Forex: USD/CHF Technical Analysis – Key Trend Line in Focus

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8848 (Dec’13 closing bottom), 0.8798 (Dec 27 low)
  • Resistance: 0.8921 (23.6% Fib ret.), 0.8966 (38.2% Fib ret.)

Prices continue to range above support at 0.8848, the December 2013 closing bottom. Near-term resistance is at 0.8921, a barrier marked by the 23.6% Fibonacci retracement and a falling trend line set from late January. A daily close above this threshold initially exposes the 38.2% level at 0.8966. Alternatively, a reversal beneath support aims for the December 27 low at 0.8798.

Prices are too close to relevant resistance to justify a long trade on risk/reward grounds. On the other hand, a short position would necessarily presume resistance will hold up, an assumption that is baseless thus far absent a clear-cut reversal signal. As such, we remain flat.

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

dailyclassics_usd-chf_body_Picture_11.png, Forex: USD/CHF Technical Analysis – Key Trend Line in Focus

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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