Forex: USD/CHF Technical Analysis – Stalling Below Channel Top

| 26 mars, 2014 | 0 kommentarer

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8806 (23.6% Fib ret.), 0.8755 (Wedge top)
  • Resistance: 0.8845-73 (channel top, 38.2% Fib ret.), 0.8927 (50% Fib ret.)

The US Dollar began to recover against the Swiss Francas expected, seemingly completing a falling wedge chart formation. An alternate interpretation of current positioning leaves open the possibility that a falling channel is the dominant pattern in play rather than the wedge setup.

Near-term resistance is in the 0.8845-73 area, marked by 38.2% Fibonacci retracement and the channel top. A break above that targets the 50% level at 0.8927.Alternatively, slipping back below the 23.6% Fib at 0.8806 would expose the wedge top at 0.87550. We will wait for confirmation on a daily close above the channel top to look for long trade opportunities.

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dailyclassics_usd-chf_body_Picture_11.png, Forex: USD/CHF Technical Analysis  Stalling Below Channel Top

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

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Kategori: Analys från DailyFX

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