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Forex: USD/CHF Technical Analysis – Franc Soars to 2-Year High

Forex: USD/CHF Technical Analysis – Franc Soars to 2-Year High

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8770 (50% Fib exp.), 0.8733 (61.8% Fib exp.)
  • Resistance: 0.8808 (38.2% Fib exp.), 0.8848-54 (Dec’13 closing bottom, 23.6% Fib exp.)

Prices crashed through support at 0.8848, the December 2013 closing bottom. Sellers are now testing the 50% Fibonacci expansion at 0.8770, with a break below that exposing the 61.8% level at 0.8733. Alternatively, a reversal above the 38.2% Fib at 0.8808 targets the 0.8848-54 region.

Narrow range-bound trading conditions do not offer a clear-cut directional trade setup. From a risk/reward perspective, prices are too close to support to justify a short. On the other hand, a defined bullish reversal signal is absent for now. We will remain flat until something actionable materializes.

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dailyclassics_usd-chf_body_Picture_8.png, Forex: USD/CHF Technical Analysis – Franc Soars to 2-Year High

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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