News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/CHF Technical Analysis – Double Bottom in the Works

USD/CHF Technical Analysis – Double Bottom in the Works

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8762 (23.6% Fib exp.), 0.8720 (double bottom?)
  • Resistance: 0.8799 (38.2% Fib exp.), 0.8829 (50% Fib exp.)

The US Dollar launched a swift recovery against the Swiss Franc after completing a bullish Piercing Line candlestick pattern, as we suspected. Prices are testing resistance at 0.8799, marked by a falling trend line set from early April and the 38.2% Fibonacci expansion. Breaking above this barrier on a daily closing basis aims for the 50% level at 0.8829. Near-term support is at 0.8762, the 23.6% Fib, with a break below that eyeing the emerging double bottom at 0.8720.

Prices are too close to relevant resistance to justify a long position from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal warns against taking up the short side. With that in mind, we will continue to wait on the sidelines for the time being.

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

USD/CHF Technical Analysis – Double Bottom in the Works

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.

DISCLOSURES