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USD/CHF Technical Analysis – Franc Sinks to 2-Week Low

USD/CHF Technical Analysis – Franc Sinks to 2-Week Low

2014-04-22 01:11:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8839 (38.2% Fib exp.), 0.8802 (23.6% Fib exp.)
  • Resistance: 0.8869 (50% Fib exp.), 0.8899 (61.8% Fib exp.)

The US Dollar continues to push higher against the Swiss Franc, hitting the highest level in two weeks having found a floor above the 0.87 figure. Near-term resistance is at 0.8869, the 50% Fibonacci expansion, with a break above that targeting 61.8% level at 0.8899. Alternatively, a turn back below the 38.2% Fib at 0.8839 exposes the 23.6% expansion at 0.8802.

The available trading range is too narrow to satisfy risk/reward parameters given an ATR reading of 45 pips for a strategy using a stop-loss activated on a daily closing basis (as is the case with our approach). With that in mind, we will remain flat for now.

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USD/CHF Technical Analysis – Franc Sinks to 2-Week Low

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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