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Forex: USD/CHF Technical Analysis ? Swiss Franc Still Noncommittal

February 26, 2014

Ilya Spivak





Talking Points:



  • USD/CHF Technical Strategy: Flat
  • Support: 0.8848 (Dec'13 closing bottom), 0.8798 (Dec 27 low)
  • Resistance: 0.8921 (23.6% Fib ret.), 0.8966 (38.2% Fib ret.)



    Prices are consolidating above support at 0.8848, the December 2013 closing bottom. Near-term resistance is at 0.8926, the intersection of the 23.6% Fibonacci retracement and a falling trend line set from late January. Breaking above that aims for 0.8970, the 38.2% level. Alternatively, a break below support aims for the December 27 low at 0.8798.



    Narrow range-bound trading conditions do not offer a clear-cut directional trade setup. From a risk/reward perspective, prices are too close to support to justify a short. On the other hand, a defined bullish reversal signal is absent for now. We will remain flat until something actionable materializes.





    dailyclassics_usd-chf_body_Picture_11.png, Forex: USD/CHF Technical Analysis - Swiss Franc Still Noncommittal










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    Source: DailyFx


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