USD/CHF Technical Analysis – Treading Water Above 0.89
To receive Ilya's analysis directly via email, please SIGN UP HERE
- USD/CHF Technical Strategy: Flat
- Support:0.8908, 0.8869, 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 intersection of a falling trend line set from November 2013 and the 50% level at 0.8869. Alternatively, a reversal back above the 23.6% Fib at 0.8957 clears the way for another challenge of the 0.90 figure.
An actionable trade signal is absent for the time being, arguing against taking up the long or the short side. We will continue to stand aside, waiting for a more attractive opportunity to present itself.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
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.