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USD/CHF Technical Analysis – April Top Under Pressure

USD/CHF Technical Analysis – April Top Under Pressure

2014-05-19 02:47:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8896 (76.4% Fib exp.), 0.8859 (61.8% Fib exp.)
  • Resistance: 0.8952-56 (Apr 4 high, 100% Fib exp.), 0.9016 (123.6% Fib exp.)

The US Dollar advanced as expected against the Swiss Franc after prices put in a bullish Piercing Line candlestick pattern. The pair is testing resistance in the 0.8952-56 area, marked by the 100% Fibonacci expansion and the April 4 high. A break upward on a daily closing basis exposes the 123.6% level at 0.9016. Near-term support is at 0.8896, the 76.4% Fib, with a turn below that targeting the 61.8% expansion at 0.8859.

Entering long at current levels seems premature from a tactical and a risk/respective perspective absent confirmation on a break above the April top. We will continue to stand aside for now.

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USD/CHF Technical Analysis – April Top Under Pressure

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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