USD/CHF Technical Analysis: Trend Line Capping Gains

By DailyFx | July 13, 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, 0.8861-69, 0.8830
  • Resistance: 0.8927, 0.8957, 0.9000

The US Dollar turned lower against the Swiss Franc as expected after showing back-to-back Shooting Star candlesticks below chart resistance. Sellers are testing support at 0.8908, the 38.2% Fibonacci retracement. A daily close below this barrier targets the 0.8861-69 area marked by the 50% level and the April 22 high. Alternatively, a turn above falling trend line resistance at 0.8927 opens the door for a test of the 23.6% Fibat 0.8957.

The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. We will continue to stand aside for now, looking for a more actionable opportunity to present itself.

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

USD/CHF Technical Analysis: Trend Line Capping Gains

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. USD/CHF Technical Analysis: Pullback Sought to Get Long
    Forex News

    USD/CHF Technical Analysis: Pullback Sought to Get Long

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

    USD/CHF .9580 is a Reaction Level within Range

  3. USD/CHF eases from weekly highs
    Forex News

    USD/CHF eases from weekly highs

  4. USD/CHF Technical Analysis: Aiming to Get Long Below 0.95
    Forex News

    USD/CHF Technical Analysis: Aiming to Get Long Below 0.95

  5. USD/CHF clinches above 0.9500
    Forex News

    USD/CHF clinches above 0.9500

Trading Center