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USD/CHF Technical Analysis: Half of SNB Drop Retraced

USD/CHF Technical Analysis: Half of SNB Drop Retraced

2015-01-30 06:30:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.9040, 0.8757, 0.8582
  • Resistance: 0.9269, 0.9498, 0.9781

The US Dollar resumed its advance against the Swiss Franc after a brief pause, with buyers claiming a foothold above the 0.92 figure. A daily close above the 50% Fibonacci retracement at 0.9269 exposes the 61.8% level at 0.9498. Alternatively, a turn below the 38.2% Fib at 0.9040 opens the door for a test of the 23.6% retracement at 0.8757.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish 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: Half of SNB Drop Retraced

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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