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USD/CHF Technical Analysis: Support Above 0.94 Holding

USD/CHF Technical Analysis: Support Above 0.94 Holding

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.9432, 0.9353, 0.9274
  • Resistance:0.9566, 0.9626, 0.9724

The US Dollar moved lower as expected against the Swiss Franc after prices produced a bearish Dark Cloud Cover candlestick pattern. Near-term support is in the 0.9432-68, marked by the 38.2% Fibonacci retracement and the October 14 low, with a break below that on a daily closing basis exposing the 50% level at 0.9353. Alternatively, a reversal above the 14.6% Fib expansion at 0.9566 opens the door for a challenge of the 23.6% threshold at 0.9626.

The dominant trend has favored the upside since early May, suggesting recent weakness is corrective. With that in mind, we will opt against taking up the short side and wait for a buying opportunity following confirmation that the pullback has been exhausted.

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

USD/CHF Technical Analysis: Support Above 0.94 Holding

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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