News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Forex: USD/CHF Technical Analysis – Wedge Points to Recovery

Forex: USD/CHF Technical Analysis – Wedge Points to Recovery

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8723 (wedge bottom)
  • Resistance: 0.8806 (23.6% Fib ret.), 0.8873 (38.2% Fib ret.)

The US Dollar may be readying to turn higher against the Swiss Franc as prices carve out a falling Wedge chart formation. The setup hints at ebbing downward momentum and often precedes a reversal higher. A break above resistance at 0.8806, the intersection of the Wedge top and the 23.6% Fibonacci retracement, exposes the 38.2% level at 0.8873. Wedge support is now at 0.8723.

A Hammer candlestick above Wedge support suggests a turn higher may be around the corner but confirmation is absent for the time being. We will continue to stand aside for now, looking for a break above the Wedge top on a daily closing basis to initiate a long position.

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 – Wedge Points to Recovery

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.

DISCLOSURES