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USD/CHF Technical Analysis: Testing Support Above 0.89

USD/CHF Technical Analysis: Testing Support Above 0.89

2014-07-11 00:22:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.8908, 0.8861-69, 0.8830
  • Resistance: 0.8929, 0.8957, 0.9000

The US Dollar pulled back against the Swiss Franc as expected after showing back-to-back Shooting Star candlesticks below chart resistance. Near-term support is at 0.8908, the 38.2% Fibonacci retracement, with a daily close below that exposing the 0.8861-69 area marked by the 50% level and the April 22 high. Alternatively, a reversal above falling trend line resistance at 0.8929 opens the door for a test of the 23.6% Fibat 0.8957.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on the long or short side from a risk/reward perspective. We will remain on the sidelines for now, waiting for a more attractive opportunity to emerge.

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

USD/CHF Technical Analysis: Testing Support Above 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.

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