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USD/CHF Technical Analysis: Passing on Long Trade Setup

USD/CHF Technical Analysis: Passing on Long Trade Setup

2015-03-06 03:40:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9662, 0.9551, 0.9343
  • Resistance: 0.9843, 0.9988, 1.0134

The US Dollar extended its advance against the Swiss Franc for sixth consecutive day, with prices now aiming above the 0.98 figure. Near-term resistance is at 0.9843, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 0.9988. Alternatively, a reversal below the 23.6% Fib at 0.9662 clears the way for a challenge of the 14.6% expansion at 0.9551.

While entering long seems compelling from a purely technical perspective, we will tactically opt to stand aside for now. The upcoming US Employment report represents major event risk for USD-based pairs that may derail technical positioning. With that in mind, we will wait for event risk to pass before establishing new exposure.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CHF Technical Analysis: Passing on Long Trade Setup

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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