USD/CHF Technical Analysis: Buyers Reclaim Hold on 0.97

DailyFX.com -

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

Talking Points:

• USD/CHF Technical Strategy: Flat

• Support:0.9428, 0.9213, 0.8997

• Resistance: 0.9756, 0.9921, 1.0188

The US Dollar is attempting to launch a recovery after finding support below the 0.95 figure against the Swiss Franc. Near-term resistance is at 0.9756, the 14.6% Fibonacciexpansion, with a break above that on a daily closing basis exposing the 23.6% level at 0.9921. Alternatively, a reversal below the 38.2% Fib retracementat 0.9428clears the way for a challenge of the 50% threshold at 0.9213.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting 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: Buyers Reclaim Hold on 0.97

Daily Chart - Created Using FXCM Marketscope

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

original source

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.