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USD/CHF Technical Analysis: New Two-Month High Furthers Bullish Structure

USD/CHF Technical Analysis: New Two-Month High Furthers Bullish Structure

James Stanley, Strategist

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Talking Points:

In our last article, we looked at old resistance becoming new higher-low support in USD/CHF. The fact that this took place around the key Fibonacci level of .9681 made it all the more compelling, as this is the 50% Fibonacci retracement of the 2008 high to the 2011 low in the pair. This is also a level that’s seen considerable price action in the nearly five years since it’s completion; so it rightfully remains as a key area for traders to work with in the current price vicinity on USD/CHF.

We’re seeing another instance of old resistance becoming an interesting level at .9800, as this is the 76.4% retracement of the prior major move, taking the January high the February low in the pair. This is also the level that stalled-out the April advance in the pair, as the prior swing high was less than five pips away from this Fibonacci level.

For traders looking to re-load on the long-side of the move, the major psychological level of .9750 could be particularly interesting. This price caught a quick inflection yesterday morning, and continued support north of this level could highlight the potential for top-side continuation. Traders looking to get long can wait for support to build in this region between .9750-.9800 before triggering the top-side position.

For traders looking to implement a short-side thesis in the pair, waiting for a break of the .9660 level could open the door for bearish positions as this key support level giving way could indicate the potential for continued bearishness in the pair.

USD/CHF Technical Analysis: New Two-Month High Furthers Bullish Structure

Created with Marketscope/Trading Station II; prepared by James Stanley

--- Written by James Stanley, Analyst for DailyFX.com

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