Forex: USD/CHF Technical Analysis – Wedge Points to Recovery

| 14 mars, 2014 | 0 kommentarer

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8723 (wedge bottom)
  • Resistance: 0.8806 (23.6% Fib ret.), 0.8873 (38.2% Fib ret.)

The US Dollar may be readying to turn higher against the Swiss Franc as prices carve out a falling Wedge chart formation. The setup hints at ebbing downward momentum and often precedes a reversal higher. A break above resistance at 0.8806, the intersection of the Wedge top and the 23.6% Fibonacci retracement, exposes the 38.2% level at 0.8873. Wedge support is now at 0.8723.

A Hammer candlestick above Wedge support suggests a turn higher may be around the corner but confirmation is absent for the time being. We will continue to stand aside for now, looking for a break above the Wedge top on a daily closing basis to initiate a long position.

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dailyclassics_usd-chf_body_Picture_11.png, Forex: USD/CHF Technical Analysis  Wedge Points to Recovery

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for

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Kategori: Analys från DailyFX

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