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USD/CHF Technical Analysis – Franc Drops for Fourth Day

USD/CHF Technical Analysis – Franc Drops for Fourth Day

2014-04-18 00:01:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8802 (23.6% Fib exp.), 0.8742 (Apr 11 low)
  • Resistance: 0.8839 (38.2% Fib exp.), 0.8869 (61.8% Fib exp.)

The US Dollar advanced for a fourth consecutive day against the Swiss Franc after prices found support above the 0.87 figure. Near-term resistance is at 0.8839, the 38.2% Fibonacci expansion, with a break above that targeting 50% level at 0.8869. Alternatively, a turn back below the 23.6% Fib at 0.8802 exposes the April 11 lowat 0.8742.

Prices are trading too close to relevant resistance to make a long trade attractive from a risk/reward perspective. On the other hand, the absence of a bearish reversal signal argues against taking up the short side. We will continue to stand aside for now, waiting for an actionable opportunity to present itself.

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dailyclassics_usd-chf_body_Picture_11.png, USD/CHF Technical Analysis – Franc Drops for Fourth Day

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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