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USD/CHF Technical Analysis – 7-Month Resistance Broken

USD/CHF Technical Analysis – 7-Month Resistance Broken

2014-06-10 23:49:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.8974 (trend line), 0.8908 (38.2% Fib ret.)
  • Resistance: 0.8990 (23.6% Fib exp.), 0.9039 (38.2% Fib exp.)

The US Dollar is making the case for a continued push higher against the Swiss Franc after prices cleared resistance at a falling trend line set from November 2013. The bulls are now testing the 23.6% Fibonacci expansion at 0.8990, with a break above that targeting the 38.2% level at 0.9039. Alternatively, a reversal back below the trend line (now at 0.8974) on a daily closing basis opens the way for another challenge of the 38.2% Fib retracementat 0.8908.

Risk/reward considerations argue against entering long with prices sitting squarely at resistance. On the other hand, taking up the short side seems premature absent a defined bearishreversal signal. We will remain flat for now.

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USD/CHF Technical Analysis – 7-Month Resistance Broken

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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