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USD/CHF Technical Analysis: Swissy Continues its Bullish Trend

USD/CHF Technical Analysis: Swissy Continues its Bullish Trend

2017-04-07 16:50:00
Oliver Morrison, Analyst
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Talking Points

- USD/CHF Technical Strategy: intermediate-term: mixed + choppy; short-term: bullish.

- Swissy has confirmed its bullish tendencies on short-term charts, alluding to the longer-term formation in the pair.

- If you’re looking for trading ideas, check out our Trading Guides. They’re free and updated for Q2, 2017. If you’re looking for ideas more short-term in nature, please check out our Speculative Sentiment Index Indicator (SSI).

In our last article, we looked at bullish tendencies beginning to emerge on the shorter-term USD/CHF chart. That trend of higher lows and higher highs on the hourly chart have continued.

Last week highlighted an interesting potential support level of higher-low around the 0.9950 area, where a plethora of Fibonacci retracement levels and prior price action inflections denoted its forward-looking usability.

A dip below that level, and traders would likely question the prospect of continued bullishness. However, that recent higher-high, higher low seen around the 0.99689 level did indeed signal the return of bullish price action. The pair broke above parity and has continued strengthening, targeting the resistance levels around 1.00740 on March 15, with support back around that 0.99698 level

The longer-term technical picture suggests a long-term bullish bias since the Swiss National Bank unpegged the Franc in January 2015.

Chart 1: USD/CHF Hourly Chart (March to April 2017)

USD/CHF Technical Analysis: Swissy Continues its Bullish Trend

Charts by IG

--- Written by Oliver Morrison, Analyst

To contact Oliver, email him at oliver.morrison@ig.com

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