USD/CHF Technical Analysis: Turn Lower Hinted Ahead
To receive Ilya's analysis directly via email, please SIGN UP HERE
- USD/CHF Technical Strategy: Flat
- Support: 0.8757, 0.8582, 0.8299
- Resistance: 0.9040, 0.9269, 0.9498
The US Dollar may be preparing to decline against the Swiss Franc after prices put in a Spinning Top candlestick. Near-term support is at 0.8757, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 14.6% level at 0.8582. Alternatively, a push above the 38.2% Fib at 0.9040 clears the way for a challenge of the 50% retracement at 0.9269.
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.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com