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USD/CHF Technical Analysis: Carving Out a Lower High

USD/CHF Technical Analysis: Carving Out a Lower High

2015-09-10 21:24:00
James Stanley, Strategist
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Talking Points:

  • USD/CHF Technical Strategy: Pending Short
  • The Swiss Franc continues to trade within a symmetrical wedge pattern, finding recent lower-high resistance off of the 76.4% Fibonacci retracement of the most recent major move.
  • Breaks below the .9681 Support level could be used to initiate short positions, with targets at .9500 and then 92.70.

The Swiss Franc continues to trade within the symmetrical wedge pattern against the US Dollar, highlighting the breakout potential in the pair should risk tones finally consolidate. Recent resistance has come in short of six-month trend-line that began in March of this year, with sellers taking control on the 76.4% Fibonacci retracement of the most recent major move (shown in black on the chart).

From here, breaks below the 50% Fibonacci retracement of the ‘big picture’ major move at .9681 (shown in green) could be construed bearishly with targets cast towards .9500, and then .9270. Alternatively, re-tests of the .9781 Fibonacci level could offer short entry potential, provided the trend-line remains unbroken.

The stalling momentum over the past week in response to the previous rollercoaster of risk-off and then risk-on make this an especially attractive reversal candidate.

USD/CHF Technical Analysis: Carving Out a Lower High

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