USD/CHF Technical Analysis – Pullback Hinted Below 0.90
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- 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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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.