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USD/CHF Technical Analysis – Pullback Hinted Below 0.90

USD/CHF Technical Analysis – Pullback Hinted Below 0.90

2014-07-08 03:13:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.8908, 0.8869, 0.8830
  • Resistance: 0.8957, 0.9000, 0.9036

The US Dollar has run into resistance anew having staged a substantive rebound against the Swiss Franc last week. Near-term resistance is at 0.8957, the 23.6% Fibonacci retracement. A break above this threshold on a daily closing basis initially exposes the 0.90 figure, followed by the June 5 high at 0.9036. Alternatively, a drop back below support at 0.8908, the 38.2% level, opens the door for a challenge of the 0.8861-69 area.

A pair of Shooting Star candlesticks below resistance hints at indecision and warns bullish momentum may be wavering, opening the door for a pullback. Confirmation remains absent for the time being however. Furthermore, we see the trend as broadly bullish. As such, we will look for any on-coming decline as chance to look for buying opportunities.

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USD/CHF Technical Analysis – Pullback Hinted Below 0.90

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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