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USD/CHF Technical Analysis: Resistance Above 0.94 Holds

USD/CHF Technical Analysis: Resistance Above 0.94 Holds

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.9312, 0.9196, 0.9079
  • Resistance:0.9456, 0.9492, 0.9545

The US Dollar declined as expected against the Swiss Franc after prices formed a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 0.9312, the intersection of a falling channel floor and the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 0.9196-0.9218 area marked by a rising trend line set from early May and the 50% level. Alternatively, a turn above the 23.6% Fib at 0.9456 clears the way for a test of channel top resistance at 0.9492

The dominant trend appears to favor the upside, suggesting the descent from October’s high 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: Resistance Above 0.94 Holds

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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