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USD/CHF Technical Analysis: Top in Place Below 1.02 Mark?

USD/CHF Technical Analysis: Top in Place Below 1.02 Mark?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 1.0119, 1.0059, 0.9962
  • Resistance: 1.0185, 1.0239, 1.0293

The US Dollar may be carving out a top against the Swiss Franc following the appearance of a Bearish Engulfing candlestick pattern. A daily close below the 14.6% Fibonacci retracementat 1.0119 exposes the 23.6% level at 1.0059. Alternatively, a turn above the 138.2% Fib at 1.0185 opens the door for a test of the 150% expansion at 1.0239.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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USD/CHF Technical Analysis: Top in Place Below 1.02 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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