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USD/CHF Technical Analysis: Topping Below 0.94 Figure?

USD/CHF Technical Analysis: Topping Below 0.94 Figure?

2014-09-15 03:08:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Long at 0.9068
  • Support:0.9294, 0.9262, 0.9232
  • Resistance: 0.9369, 0.9429, 0.9489

The US Dollar may be setting up for a pullback against the Swiss Franc after rallying as expected as prices complete a bearish Evening Star candle pattern. A daily close below the 14.6% Fibonacci retracement at 0.9294 exposes rising trend line support at 0.9262. Alternatively, a turn above the 38.2% Fib expansion at 0.9369 opens the door for a test of the50% threshold at 0.9429.

We bought USDCHF at 0.9068 and have since taken profit on half of our exposure. The rest remains open to capture any further upside momentum with a stop-loss at 0.9114, our initial objective.

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

USD/CHF Technical Analysis: Topping Below 0.94 Figure?

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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