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USD/CHF Technical Analysis: Case for Downturn Building

USD/CHF Technical Analysis: Case for Downturn Building

2014-12-10 03:06:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Longat 0.9452
  • Support: 0.9654, 0.9554, 0.9391
  • Resistance:0.9817, 0.9926, 1.0049

The US Dollar may be preparing for a pullback against the Swiss Franc as prices show a bearish Evening Star candlestick pattern within a Rising Wedge chart formation. Negative RSI divergence bolsters the case for a downside scenario. A daily close below the 0.9654-69 area marked by the 14.6% Fibonacci retracement and the wedge floor exposes the 23.6% level at 0.9554. Alternatively, a turn above the 0.9797-0.9817 zone (wedge top, December 8 high) clears the way for a test of the 38.2% Fib expansion at 0.9926.

We entered long USDCHF at 0.9452 and subsequently booked profit on half of the position. The remainder of the trade is open to capture any further upside momentum with a stop-loss trailed to breakeven (0.9452).

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USD/CHF Technical Analysis: Case for Downturn Building

Daily Chart - Created Using FXCM Marketscope

--- 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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