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Forex: USD/CHF Technical Analysis – Waiting for Upside Breakout

Forex: USD/CHF Technical Analysis – Waiting for Upside Breakout

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8806 (23.6% Fib ret.), 0.8747 (Wedge top)
  • Resistance: 0.8837-73 (channel top, 38.2% Fib ret.), 0.8927 (50% Fib ret.)

The US Dollar moved higher against the Swiss Francas expected, seemingly completing a falling wedge chart pattern. An alternative interpretation of current positioning sees the possibility that a downward-sloping channel is the dominant pattern in play however. Such a scenario argues against entering long for now until confirmation of an upside breakout is secured.

Near-term resistance is in the 0.8837-73 area, marked by the channel top and the 38.2% Fibonacci retracement. A break above that exposes the 50% level at 0.8927. Alternatively, a drop below support at the 23.6% Fib at 0.8806 would expose the wedge top at 0.8747.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_usd-chf_body_Picture_8.png, Forex: USD/CHF Technical Analysis – Waiting for Upside Breakout

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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