Never miss a story from Ilya Spivak

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Ilya Spivak

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

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

Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8723 (50% Fib exp.), 0.8669 (61.8% Fib exp.)
  • Resistance:0.8777 (38.2% Fib exp), 0.8844 (23.6% Fib exp.)

The US Dollar weakened for a fourth consecutive day against the Swiss Franc having reversed lower as expected after forming an Evening Star candlestick pattern. Sellers are now aiming to test the 50% Fibonacci expansion at 0.8723, with a break below that exposing the 61.8% level at 0.8669. Alternatively, a reversal back above the 38.2%.Fib at 0.8777 aims for the 23.6% expansion at 0.8844

USD/CHF has lost a cumulative 1.8 percent over the past four days. Most analogous episodes of consecutive downside runs of comparable magnitude in the past year have been followed by significant recoveries. While this by no means guarantees an upswing and the chart certainly does not show a viable bullish reversal signal, we are bit leery to chase the pair lower by entering short at this point. As such, we will stand aside for now.

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

dailyclassics_usd-chf_body_Picture_12.png, USD/CHF Technical Analysis – Further Selling Tipped Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com