News Column

Forex: USD/CHF Technical Analysis ? Treading Water Above 0.90

February 4, 2014

Ilya Spivak

Talking Points: USD/CHF Technical Strategy: Flat Support: 0.8986 (23.6% Fib exp.), 0.8947 (trend line) Resistance: 0.9038 (38.2% Fib exp.), 0.9081 (50% Fib exp.) The Swiss Franc pulled back against the US Dollar yesterday but prices failed to reclaim a foothold above support-turned-resistance at 0.9038, the 38.2% Fibonacci expansion. A daily close above this barrier initially exposes the 50% level at 0.9081. Alternatively, a reversal below support at 0.8986, the 23.6% Fib, eyes a rising trend line set from mid-December (now at 0.8950). On balance, positioning is little-changed from yesterday, with prices oscillating in a choppy range around familiar levels and offering little by way of a discernibly attractive trade setup. We will keep to the sidelines for now, waiting for something actionable to emerge.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: DailyFx

Story Tools