USD/CHF Technical Analysis – Looking for Cues Above 0.89
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- USD/CHF Technical Strategy: Flat
- Support:0.8908, 0.8869-78, 0.8830
- Resistance: 0.8957, 0.9000, 0.9036
The US Dollar continues to tread water above familiar support near the 0.89 figure against Swiss Franc. A daily close below 0.8908, the 38.2% Fibonacci retracement, initially opens the door for a descent to the 0.8869-78 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 clears the way for another challenge of the 0.90 figure.
Risk/reward considerations argue against entering long with prices sitting just below resistance. On the other hand, taking up the short side looks premature absent a defined bearish reversal signal. We will remain flat for now.
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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.