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 – 8-Month Resistance Pressured

USD/CHF Technical Analysis – 8-Month Resistance Pressured

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: 0.8829 (50% Fib exp.), 0.8799 (38% Fib exp.)
  • Resistance: 0.8859-64 (61.8% Fib exp., trend line), 0.8896 (76.4% Fib exp.)

The US Dollar advanced against the Swiss Franc as we suspected after prices put in a bullish Piercing Line candlestick pattern. The pair has moved to test resistance in the 0.8859-64 area, marked by the 61.8% Fibonacci expansion and a falling trend line set from September. A break above this barrier on a daily closing basis initially exposes the 76.4% level at 0.8896. Near-term support is at 0.8829, the 50% Fib, with a move below that eyeing the 38.2% expansion at 0.8799.

Risk/reward considerations argue against entering long with prices sitting squarely at relevant resistance. On the other hand, taking up the short side looks premature without a defined bearish reversal signal. We will remain flat for now, waiting for an actionable opportunity to emerge.

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

USD/CHF Technical Analysis – 8-Month Resistance Pressured

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