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USD/CHF Technical Analysis – Looking for Long Trade Signal

USD/CHF Technical Analysis – Looking for Long Trade Signal

2014-06-20 03:56:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.8908, 0.8869-83, 0.8830
  • Resistance: 0.8957, 0.9000, 0.9036

The US Dollar continued to sink against the Swiss Franc, hitting the lowest level in two weeks. Near-term support comes in at 0.8908, the 38.2% Fibonacci retracement, with a break below that exposing the 0.8869-83 area marked by a falling trend line set from November 2013 and the 50% level. Alternatively, a reversal back above the 23.6% Fib at 0.8957 on a daily closing basis clears the way for another challenge of the 0.90 figure.

While entering short seems tempting, breaking above the aforementioned falling trend line argues for a broader bullish bias and paints the current pullback as corrective. With that in mind, we will stand aside for now and wait for a buying opportunity to emerge.

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USD/CHF Technical Analysis – Looking for Long Trade Signal

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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