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: Upswing Confirmation Pending

USD/CHF Technical Analysis: Upswing Confirmation Pending

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:0.9203, 0.9108, 0.8954
  • Resistance: 0.9357, 0.9474, 0.9599

The US Dollar may be preparing to move higher against the Swiss Franc after prices put in a bullish Three Inside Up candlestick pattern. A daily close above the May 12 high at 0.9357 exposes the 38.2% Fibonacci retracementat 0.9474. Alternatively, a reversal below the 14.6% Fib expansion at 0.9203 clears the way for a test of the 23.6% level at 0.9108.

A long position seems compelling from a strictly technical point of view, but we will tactically pass for now. 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: Upswing Confirmation Pending

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