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USD/CHF Technical Analysis: Waiting for Range Breakout

USD/CHF Technical Analysis: Waiting for Range Breakout

2014-08-15 03:54:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9054, 0.9017, 0.8957
  • Resistance: 0.9110, 0.9189, 0.9268

The US Dollar is in consolidation mode below the 0.91 figure against the Swiss Franc but negative RSI divergence warns a move downward may be ahead. A daily close below support at 0.9054, the 14.6% Fibonacci retracement, exposes the 23.6% level at 0.9017. Alternatively, a move above the 76.4% Fib expansion at 0.9110 opens the door for a test of the 100% barrier at 0.9189.

Positioning is inconclusive at this point, with prices sitting in the middle of their recent range without showing clear-cut confirmation of a bearish reversal or a defined invalidation of its possibility. We will continue to stand aside until greater clarity emerges.

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USD/CHF Technical Analysis: Waiting for Range Breakout

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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