News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/CHF Technical Analysis: Selloff Stalls at 0.93 Figure

USD/CHF Technical Analysis: Selloff Stalls at 0.93 Figure

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9213, 0.8997, 0.8730
  • Resistance: 0.9490, 0.9718, 0.9862

The US Dollar dropped to the lowest level in over two months against the Swiss Franc, with sellers now aiming below the 0.93 figure. A daily close below the 50% Fibonacci retracement at 0.9213 exposes the 61.8% level at 0.8997. Alternatively, a turn above 0.9428-90 opens the door for a challenge of the April 23 high at 0.9718.

A short position seems compelling from a strictly technical point of view, but we will tactically pass on the opportunity. Erratic SNB monetary policy since the beginning of the year warns of significant underlying outsized volatility risk inherent to any CHF-linked exposure. As such, we will look for setups elsewhere.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CHF Technical Analysis: Selloff Stalls at 0.93 Figure

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.

DISCLOSURES