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: Digesting Near 3-Week Low

USD/CHF Technical Analysis: Digesting Near 3-Week Low

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 is digesting losses against the Swiss Franc after sinking to the lowest level in nearly three months. Near-term support is at 0.9213, the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61.8% level at 0.8997. Alternatively, a reversal above the 0.9428-90 area (38.2% Fib, March 26 low) clears the way for a test of the April 23 high at 0.9718.

While entering short is tempting from a purely technical perspective, we will tactically opt to stand aside. Erratic SNB policy moves since the beginning of the year imply a worrisome degree of outsized volatility risk in having exposure to anything CHF-related. As such, we prefer to stand aside.

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

USD/CHF Technical Analysis: Digesting Near 3-Week Low

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