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USD/CHF Technical Analysis: Monthly Range Floor at Risk

USD/CHF Technical Analysis: Monthly Range Floor at Risk

2015-04-17 06:01:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9538, 0.9462, 0.9367
  • Resistance: 0.9614, 0.9709, 0.9767

The US Dollar continues to sink against the Swiss Franc, with prices registering their longest losing streak in 11 months. Near-term support is at 0.9538, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 0.9462-90 area (61.8% level, April 3 low). Alternatively, a turn above the 38.2% Fib at 0.9614 clears the way for a test of the 23.6% level at 0.9709.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

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USD/CHF Technical Analysis: Monthly Range Floor at Risk

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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