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Forex: USD/CHF Technical Analysis – Reversal Higher in the Works?

Forex: USD/CHF Technical Analysis – Reversal Higher in the Works?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8750 (38.2% Fib exp.), 0.8705 (50% Fib exp.)
  • Resistance: 0.8863 (trend line)

The Swiss Franc continues to make headway against the US Dollar, with prices edging past the February 28 low at 0.8776. Sellers are now testing the 38.2% Fib expansion at 0.8750, with a break below that targeting the 50% level at 0.8705. Alternatively, a rebound back above 0.8776 sees resistance at a falling trend line set from late January, now at 0.8863.

Prices are too close to relevant support to justify a short trade from a risk/reward perspective. Furthermore, emerging positive RSI divergence hints selling pressure is ebbing and warns a turn higher may be around the corner. We will wait for confirmation of reversal on a daily close above trend line resistance to enter long.

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dailyclassics_usd-chf_body_Picture_11.png, Forex: USD/CHF Technical Analysis – Reversal Higher in the Works?

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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