USD/CHF Technical Analysis: June High in the Crosshairs

By DailyFx | July 23, 2014 AAA

DailyFX.com -

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

Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8983, 0.8934, 0.8904
  • Resistance: 0.9022-36, 0.9061, 0.9110

The US Dollar is attempting to extend its advance against the Swiss Franc having launched to the highest level in nearly two months yesterday. A daily close above resistance in the 0.9022-36 area, marked by the 50% Fibonacci expansion and the June 5 high, exposes the 61.8% level at 0.9061. Alternatively, a turn below the 38.2% Fib at 0.8983 opens the door for a test of the 23.6% expansion at 0.8934.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal argues against taking up the short side. We will remain flat for now.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CHF Technical Analysis: June High in the Crosshairs

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. USD/JPY desperate to move away from 107.00
    Forex News

    USD/JPY desperate to move away from 107.00

  2. US Dollar Technical Analysis: Readying to Resume Uptrend?
    Forex News

    US Dollar Technical Analysis: Readying to Resume Uptrend?

  3. GBP/USD goes nowhere ahead of retail sales report
    Forex News

    GBP/USD goes nowhere ahead of retail sales report

  4. EUR/JPY Technical Analysis: Former Resistance Now Support
    Forex News

    EUR/JPY Technical Analysis: Former Resistance Now Support

  5. GBP/JPY Technical Analysis: Pound Sold vs. Japanese Yen
    Forex News

    GBP/JPY Technical Analysis: Pound Sold vs. Japanese Yen

Trading Center