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Forex: USD/CHF Technical Analysis – Spotlight on 0.88 Figure

Forex: USD/CHF Technical Analysis – Spotlight on 0.88 Figure

2014-03-19 04:01:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8697 (Wedge bottom)
  • Resistance: 0.8806 (23.6% Fib ret., Wedge top), 0.8873 (38.2% Fib ret.)

The Swiss Franc may be on the verge of a turn lower against the US Dollar as USD/CHF price action traces out a falling Wedge chart formation. The pattern speaks to fading downside momentum and may precede a reversal upward. Breaking resistance at 0.8806, the intersection of the Wedge top and the 23.6% Fibonacci retracement initially exposes the 38.2% level at 0.8873. Wedge support is now at 0.8697.

Confirmation of a Wedge setup requires the pattern’s completion on a daily close above its upper boundary. With that in mind, we will continue to stand aside for now, waiting for preliminary cues to mature into an actionable long trade opportunity.

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dailyclassics_usd-chf_body_Picture_11.png, Forex: USD/CHF Technical Analysis – Spotlight on 0.88 Figure

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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