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USD/CHF Technical Analysis: Aiming Below 0.92 Figure

USD/CHF Technical Analysis: Aiming Below 0.92 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9139, 0.9015, 0.8890
  • Resistance: 0.9293, 0.9397, 0.9539

The US Dollar is renewing its expected push lower against the Swiss Franc after a brief period of consolidation. Near-term support is at 0.9139, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 0.9015. Alternatively, a move above the 23.6% Fib at 0.9293 opens the door for a challenge of the 0.9388-97 area (14.6% expansion, horizontal pivot).

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: Aiming Below 0.92 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.

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