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Forex: USD/CHF Technical Analysis – Franc May Rebound vs. Dollar

Forex: USD/CHF Technical Analysis – Franc May Rebound vs. Dollar

2014-04-07 03:43:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8873 (38.2% Fib ret.), 0.8806 (23.6% Fib ret.)
  • Resistance: 0.8927 (50% Fib ret.), 0.8981 (61.8% Fib ret.)

The US Dollar may be readying to correct lower against the Swiss Franc having initiated a recovery near the 0.87 figure as expected. A Shooting Star candlestick below resistance at 0.8927, the 50% Fibonacci retracement, warns of upside indecision and may precede near-term weakness. Near-term support is at 0.8873, the 38.2% level, with drop below that exposing the 23.6% Fib at 0.8806. Alternatively, a breach of resistance on a daily closing basis targets the 61.8% retracement at 0.8981.

Prices are too close to relevant resistance to justify entering long from a risk/reward perspective. On the other hand, a Shooting Star is not a sufficiently significant reversal signal to take up the short side without further confirmation.As such, we will remain flat for now.

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dailyclassics_usd-chf_body_Picture_11.png, Forex: USD/CHF Technical Analysis – Franc May Rebound vs. Dollar

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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