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USD/CHF Technical Analysis – Critical Trend Line Retested

USD/CHF Technical Analysis – Critical Trend Line Retested

2014-07-01 02:19:00
Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Pending Long
  • Support:0.8869, 0.8830, 0.8781
  • Resistance: 0.8908, 0.8957, 0.9000

The US Dollar continued to move lower against the Swiss Franc as expected, sinking to the lowest level in six weeks. Sellers are testing support at 0.8869, the 50% Fibonacci retracement. A daily close below this barrier initially targets the 61.8% level at 0.8830. Alternatively, a reversal above near-term resistance at 0.8908, the 38.2% Fib, aims for the 23.6% retracement at 0.8957.

The latest down move, launched in early June, appears corrective in the context of the earlier break above trend line resistance set from November 2013. As such, we will opt to wait for the pullback to offer a buying opportunity instead of taking up the short side.

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USD/CHF Technical Analysis – Critical Trend Line Retested

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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