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USD/CHF Technical Analysis: Sideways Drift Continues

USD/CHF Technical Analysis: Sideways Drift Continues

2015-04-29 05:01:00
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 is treading water against the Swiss Franc once again following a brief surge of SNB-inspired seesaw volatility. Near-term support is in the 0.9462-90 area (61.8% Fibonacci expansion, April 3 low), with a break below that on a daily closing basis exposing the 76.4% level at 0.9367. Alternatively, a reversal back above the 14.6% Fib retracementat 0.9574clears the way for a test of the 23.6% threshold at 0.9632.

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: 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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