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USD/CHF Technical Analysis: The Bulls Have It

USD/CHF Technical Analysis: The Bulls Have It

2017-05-09 17:11:00
James Stanley, Currency Strategist
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Talking Points:

  • USD/CHF Technical Strategy: intermediate-term: mixed; short-term: bullish.
  • After finding support at .9850 just last week, the pair has traded higher by more than two big figures.
  • If you’re looking for trading ideas, check out our Trading Guides. They’re free and updated for Q1, 2017. If you’re looking for ideas more short-term in nature, please check out our IG Client Sentiment.

In our last article, we looked at USD/CHF fighting to climb back-above the vaulted parity figure. And while price action wasn’t exactly bullish with Swissy trading below parity, the fact that buyers had continued to show-up around support opened the door to bullish approaches with targets set beyond that level of 1.0000. Two days after our last article, we set an analyst pick for a long USD/CHF setup.

The recent catalyst appears to be French elections. After gapping-higher to open the week, USD/CHF has continued to ramp-higher through various points of resistance. Monday’s follow-thru price action saw the confluent zone around .9950 give way; and earlier this morning we finally saw buyers drive Swissy back-above parity. And the run hasn’t yet stopped or showed signs of slowing, with a prior swing-high around 1.0100 looking to be the next destination for USD/CHF.

USD/CHF Technical Analysis: The Bulls Have It

Chart prepared by James Stanley

At this stage, with the bullish move already at least somewhat established, traders would likely want to wait for some form of support to show before plotting near-term entries. With the prior support swing now more than 200 pips away, risk would be far too expensive given potential top-side targets to substantiate much of a strategy around chasing-higher. However, if support shows at the 1.0041 level, or potentially as deep as parity, the door could be opened to bullish strategies with a stop applied underneath that specific support level. On the chart below, we look at two areas to watch for potential higher-low support.

USD/CHF Technical Analysis: The Bulls Have It

Chart prepared by James Stanley

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

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