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USD/CHF Technical Analysis: Sideways Drift Continues

USD/CHF Technical Analysis: Sideways Drift Continues

2015-04-27 23:52:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9462, 0.9367, 0.9214
  • Resistance: 0.9574, 0.9632, 0.9726

The US Dollar continues to drift sideways against the Swiss Franc once following last week’s brief surge of SNB-inspired volatility. A daily close below the 0.9462-90 area (61.8% Fibonacci expansion, April 3 low) exposes the 76.4% level at 0.9367. Alternatively, a move back above the 14.6% Fib retracementat 0.9574opens the door for a challenge of the 23.6% threshold at 0.9632.

An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.

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USD/CHF Technical Analysis: Sideways Drift Continues

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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