USD/CHF Technical Analysis – Looking for Long Trade Signal

By DailyFx | June 19, 2014 AAA

DailyFX.com -

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.8908, 0.8869-83, 0.8830
  • Resistance: 0.8957, 0.9000, 0.9036

The US Dollar continued to sink against the Swiss Franc, hitting the lowest level in two weeks. Near-term support comes in at 0.8908, the 38.2% Fibonacci retracement, with a break below that exposing the 0.8869-83 area marked by a falling trend line set from November 2013 and the 50% level. Alternatively, a reversal back above the 23.6% Fib at 0.8957 on a daily closing basis clears the way for another challenge of the 0.90 figure.

While entering short seems tempting, breaking above the aforementioned falling trend line argues for a broader bullish bias and paints the current pullback as corrective. With that in mind, we will stand aside for now and wait for a buying opportunity to emerge.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

USD/CHF Technical Analysis – Looking for Long Trade Signal

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. USD/CHF consolidating below 0.9550
    Forex News

    USD/CHF consolidating below 0.9550

  2. SNB in no hurry to hike - Goldman Sachs
    Forex News

    SNB in no hurry to hike - Goldman Sachs

  3. USD/CHF Technical Analysis: Pullback Sought to Get Long
    Forex News

    USD/CHF Technical Analysis: Pullback Sought to Get Long

  4. USD/CHF .9580 is a Reaction Level within Range
    Forex News

    USD/CHF .9580 is a Reaction Level within Range

  5. USD/CHF eases from weekly highs
    Forex News

    USD/CHF eases from weekly highs

Trading Center