USD/CHF Technical Analysis: Waiting for Cues Below 0.91

By DailyFx | August 04, 2014 AAA

DailyFX.com -

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

Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9047, 0.9010, 0.8951
  • Resistance: 0.9110, 0.9189, 0.9268

The US Dollar is in consolidation mode below the 0.91 figure against the Swiss Franc after rising to the highest level in six months last week. A daily close below support at 0.99067, the 14.6% Fibonacci retracement, exposes the 23.6% level at 0.0.9010. Alternatively, a move above the 76.4% Fib expansion at 0.9110 opens the door for a test of the 100% barrier at 0.9189.

Positioning is inconclusive at this point. On one hand, the latest leg of the uptrend launched from mid-July appears to have been overturned, warning losses may ahead, but prices are too close to support to justify a short on a risk/reward basis. On the other, the longer-term trend favors the bulls but a defined near-term bullish signal is absent. We will stand aside for now.

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

USD/CHF Technical Analysis: Waiting for Cues Below 0.91

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation
    Forex News

    AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation

  2. USD/JPY bulls need to take a breath before a new attack at 110.00
    Forex News

    USD/JPY bulls need to take a breath before a new attack at 110.00

  3. Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low
    Forex News

    Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low

  4. GBP/USD nervous below 1.6200, waiting for data
    Forex News

    GBP/USD nervous below 1.6200, waiting for data

  5. Dollar’s Current Bull Leg Strongest since Rally Through Crisis
    Forex News

    Dollar’s Current Bull Leg Strongest since Rally Through Crisis

Trading Center