USD/CHF Technical Analysis: Deeper Losses Seen Ahead
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- USD/CHF Technical Strategy: Flat
- Support:0.9428, 0.9213, 0.8997
- Resistance: 0.9695, 1.0126, 1.0253
The Swiss Franc looks appears poised to continue higher against the US Dollar, with prices now aiming below the 0.95 figure. A daily close below the 38.2% Fibonacci retracementat 0.9428 exposes the 50% level at 0.9213. Alternatively, a turn above the 23.6% Fib at 0.9695 opens the door for at test of the 1.0124-6 area (trend line support-turned-resistance, March 12 high).
Entering short seems compelling from a purely technical perspective but the longer-term USDCHF trend continues to look bullish, bolstered by a supportive Fed vs. SNB policy outlook. As such, we will stand aside for now and treat near-term losses as an opportunity to enter long once the pullback is exhausted.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com