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Forex: USD/CHF Technical Analysis – Waiting to Confirm Wedge

Forex: USD/CHF Technical Analysis – Waiting to Confirm Wedge

2014-03-17 23:32:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8704 (Wedge bottom)
  • Resistance: 0.8806 (23.6% Fib ret., Wedge top), 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 0.8704.

An Inverted 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.

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dailyclassics_usd-chf_body_Picture_11.png, Forex: USD/CHF Technical Analysis – Waiting to Confirm Wedge

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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