We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • The Indian Rupee 2020 outlook is bearish as India faces stagflation risk amid rising onion and crude oil prices. $USDINR may rise in the medium-term as the RBI defers hiking rates. Get your market update from @ddubrovskyFX here: https://t.co/lRrlZjAQDw https://t.co/mFv1EOYMjG
  • The $GBP may be on the cusp resuming a 12-year downtrend against the US Dollar as signs of topping emerge at pivotal chart resistance. Get oyur market update from @IlyaSpivak here:https://t.co/9rM3OjWmBA https://t.co/sUWcSFruHw
  • The $NZD may be on average at risk to further losses against its major counterparts such as the US Dollar and Japanese Yen. Where to for NZD/USD and NZD/JPY from here? Find out from @ddubrovskyFX here:https://t.co/OFjePKYdCb https://t.co/eo1c6QAVd8
  • $AUDJPY technical positioning hints prices may be on cusp of turning lower after a late-2019 bounce, recoupling with a dovish RBA policy outlook. Get your market update from @IlyaSpivak here: https://t.co/z84Y0V0ZtH https://t.co/wcIGO1emDw
  • The Japanese Yen has faded into 2020 as market risk appetite has held up and hit demand for haven assets. $USDJPY now challenges a key medium-term downtrend, but hasn’t topped it yet.Get your market update from @DavidCottleFX here:https://t.co/4X6vgCgkB7 https://t.co/FfCkGhtHsm
  • The $USD may fall against the Swedish Krona and Norwegian Krone if commentary from officials at the Davos forum uplift market mood and pressure haven-linked currencies. Get your market update from @ZabelinDimitri here:https://t.co/SZAG0yMu3d https://t.co/cBZj5tC0Ny
  • The $NZD is inching toward support guiding gains in the fourth quarter of 2019. A break may set the stage for long-term bearish trend resumption. Get your market update from @IlyaSpivak here:https://t.co/bnlx4RJ8oV https://t.co/d60YziMYnO
  • $Gld prices are poised to mark the highest weekly-close in nearly seven-years, but the bulls aren’t in the clear yet. Here are the XAU/USD levels that matter next week. Get your $XAUUSD technical analysis from @MBForex here: https://t.co/yeTH6HwncQ https://t.co/6sIpxTSNaX
  • Video https://t.co/PZeqhLumSR
  • The $USD rose as the Singapore Dollar, Malaysian Ringgit and Philippine Peso fell on coronavirus fears. What is the technical outlook for USD/IDR, USD/SGD, USD/MYR and USD/PHP? Find out from @ddubrovskyFX here: https://t.co/G3GmyOe4IT https://t.co/iq7ajeP6iv
USD/CHF Technical Analysis: Fibonacci Resistance at Four-Month Highs

USD/CHF Technical Analysis: Fibonacci Resistance at Four-Month Highs

2017-10-23 17:30:00
James Stanley, Currency Strategist
Share:

Talking Points:

- USD/CHF has broken above a key level of resistance around .9770 as the pair trades at four-month highs.

- USD-strength has been a resilient theme thus far in Q4, and if this is something that continues, the topside of USD/CHF can remain as attractive in the near-term.

- Want to see the DailyFX Q4 Forecast on USD? Click here for full access.

To receive James Stanley’s Analysis directly via email, please sign up here

Swissy is trading higher on the day after breaking out to fresh four-month highs last week. In our last article, we looked at the level of .9770 showing back-up as resistance after sellers came-in at .9837. The level of .9770 is the 38.2% Fibonacci retracement of the December 2016- September 2017 major move. Perhaps more importantly than any theoretical prognostications is the fact that this level functioned as resistance on multiple occasions over the past four months, rebuking upward advances in both June and August.

USD/CHF Daily: Fresh Four-Month Highs After Fibonacci Resistance at .9770 Gives Way

USD/CHF Technical Analysis: Fibonacci Resistance at Four-Month Highs

Chart prepared by James Stanley

Prices have rallied up to find resistance at another retracement from that same study, with the 50% level at .9880 currently helping to set near-term highs. This denotes the prospect of further bullish continuation, and a top-side breech of that level opens the door for bullish strategies targeting a re-test of parity (which, perhaps coincidentally, is 11 pips away from the 61.8% retracement of this same study).

USD/CHF Four-Hour: Fibonacci Resistance at .9880 After Double-Top Breakout

USD/CHF Technical Analysis: Fibonacci Resistance at Four-Month Highs

Chart prepared by James Stanley

This can open the door to a couple of different plays in the pair. With prices finding resistance on the under-side of a 50% Fibonacci retracement, buyers will likely want to try to avoid chasing the move for fear of getting caught on a top. Rather, traders can look for support to show-up at that area of prior resistance, around .9770, in the effort of trading bullish continuation.

Alternatively, if a higher-low support test does not show up, traders can look for the next area of resistance to come in around the parity figure. This is a huge psychological level on the pair, and it’s very close to the 61.8% retracement of the same move that’s helping to set current resistance. A visit towards parity opens the door for higher-low support to show around current resistance, and this can be attractive in the aim of trading bullish continuation in USD/CHF.

USD/CHF Four-Hour: A Large Zone of Resistance Looms Above (around parity)

USD/CHF Technical Analysis: Fibonacci Resistance at Four-Month Highs

Chart prepared by James Stanley

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

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

Contact and follow James on Twitter: @JStanleyFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.