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USD/CHF Technical Analysis: A Top Forming Above Parity?

USD/CHF Technical Analysis: A Top Forming Above Parity?

2015-03-16 03:06:00
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 topping against the Swiss Franc having produced a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 0.9987, the 50% Fibonacci expansion, with a break below that exposing the 14.6% Fib retracement at 0.9859. Alternatively, a move above the 61.8% expansion at 1.0132 clears the way for a challenge of the 76.4% threshold at 1.0313.

Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.

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USD/CHF Technical Analysis: A Top Forming Above Parity?

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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