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USD/CHF Technical Analysis – Attempting to Build Upward

USD/CHF Technical Analysis – Attempting to Build Upward

2014-07-02 23:57:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Pending Long
  • Support:0.8862-9, 0.8830, 0.8781
  • Resistance: 0.8908, 0.8957, 0.9000

The US Dollar is attempting to launch a recovery against the Swiss Franc after retesting trend line resistance-turned-support set from November 2013. Near-term resistance is at 0.8908, the 38.2% Fibonacci retracement, with a daily close above that exposing the 23.6% level at 0.8957. Alternatively, a break below the 0.8862-9 area – marked by the trend lien and the 50% Fib – clears the way for a test of the 61.8% retracement at 0.8830.

While we have waited for the pullback from June’s swing high to yield a buying opportunity on a retest of the trend line, doing so here seems premature. A confirmed bullish reversal signal remains absent and heavy-duty event risk by way of the US Employment report looms ahead, threatening to upset positioning. On balance, we will remain flat.

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USD/CHF Technical Analysis – Attempting to Build Upward

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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