USD/CHF Technical Analysis: June High in the Crosshairs

By DailyFx | Updated July 30, 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

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    USD/CHF finds support around 0.9500

  2. Forex News

    USD/CHF extends recovery towards 0.96

  3. Forex News

    USD/CHF Technical Analysis: Monthly Range Floor at Risk

  4. Forex News

    USD/CHF sees further weakness towards 0.9484 – Commerzbank

  5. Forex News

    USD/CHF slides further below 0.9600

Trading Center