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USD/CHF Technical Analysis: Turn Lower Signaled Ahead

USD/CHF Technical Analysis: Turn Lower Signaled Ahead

2015-06-01 04:12:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9388, 0.9293, 0.9139
  • Resistance: 0.9599, 0.9723, 0.9877

The US Dollar may be preparing to renew its down trend against the Swiss Franc after putting in a bearish Evening Star candlestick pattern. Near-term support is at 0.9388, the 14.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 23.6% level at 0.9293. Alternatively, a move above the 0.9535-99 area (trend line, 50% Fib expansion) opens the door for a challenge of the 61.8% threshold at 0.9723.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

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

USD/CHF Technical Analysis: Turn Lower Signaled Ahead

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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