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USD/CHF Technical Analysis: Candle Setup Hints at Pullback

USD/CHF Technical Analysis: Candle Setup Hints at Pullback

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9987, 0.9859, 0.9695
  • Resistance: 1.0132, 1.0313, 1.0604

The US Dollar may be readying to turn lower against the Swiss Franc after prices put in a bearish Dark Cloud Cover candlestick pattern. A daily close below the 50% Fibonacci expansion at 0.9987 exposes the 14.6% Fib retracement at 0.9859. Alternatively, a push above the 61.8% expansion at 1.0132 opens the door for a test of the 76.4% threshold at 1.0313.

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

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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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