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USD/CHF Technical Analysis: Rally Stalls Below 0.99 Mark

USD/CHF Technical Analysis: Rally Stalls Below 0.99 Mark

2014-12-23 01:37:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.9781, 0.9727, 0.9660
  • Resistance:0.9835, 0.9902, 1.0010

The US Dollar set a new 28-month high against Swiss Franc but fell short of securing a breakout beckoning a larger advance going forward. Near-term resistance is at 0.9835, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis exposing the 76.4% level at 0.9902. Alternatively, a reversal below the 50% Fib at 0.9781 opens the door for a test of the 38.2% expansion at 0.9727.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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USD/CHF Technical Analysis: Rally Stalls Below 0.99 Mark

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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