News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/CHF Technical Analysis – All Eyes on Support Sub-0.89

USD/CHF Technical Analysis – All Eyes on Support Sub-0.89

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

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 has managed to find interim support after dropping as expected to tap a six-week lowagainst the Swiss Franc. All eyes are now on 0.8869, a support level marked by the 50% Fibonacci retracement and reinforced by a formerly broken falling trend line set from November 2013. A daily close below that exposes the 61.8% level at 0.8830. Alternatively, a turn back above the 38.2% Fib at 0.8908 targets the 23.6% retracement at 0.8957.

Losses since the beginning of June have looked corrective in the context of the break above trend line resistance. With that in mind, we will opt to wait for the current pullback to yield a buying opportunity rather than take up a short position.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CHF Technical Analysis – All Eyes on Support Sub-0.89

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.

DISCLOSURES