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USD/CHF Technical Analysis: Parity Proving Elusive

USD/CHF Technical Analysis: Parity Proving Elusive

2017-04-26 18:17:00
James Stanley, Currency Strategist
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Talking Points:

In our last article, we looked at the vaulted ‘parity’ figure on USD/CHF as a decision point for directional biases. As we had shared, as long as price action remained below 1.0000, short strategies would be favored as the level around 1.0041 could offer a fairly attractive spot for stop placement. A day later, we saw a re-test of parity, but sellers emerged before the level could be crossed, thereby continuing the relatively bearish state in Swissy.

USD/CHF Technical Analysis: Parity Proving Elusive

Chart prepared by James Stanley

But since that last resistance check at parity, we’ve seen a penchant for buyers to show up just above the .9900-handle. This led to a series of ‘higher-lows’ on Tuesday of this week, and we may be seeing the early stages of a bullish ramp within this bearish trend. On the chart below, we look at this recent ‘higher-low’ that showed-up shortly after this weekend’s gap-fill.

USD/CHF Technical Analysis: Parity Proving Elusive

Chart prepared by James Stanley

For buyers looking to take a more conservative stance in Swissy, the zone at .9950 could be pivotal for such an approach. If price action can re-cross this confluent zone of prior support and current resistance, this would give us yet another ‘higher-high’ with which to plot top-side approaches.

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

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