News Column

USD/CHF Technical Analysis ? April High Held as Resistance

May 20, 2014

Ilya Spivak





Talking Points:



  • USD/CHF Technical Strategy: Flat
  • Support: 0.8896 (76.4% Fib exp.), 0.8859 (61.8% Fib exp.)
  • Resistance: 0.8952-56 (Apr 4 high, 100% Fib exp.), 0.9016 (123.6% Fib exp.)



    The US Dollar rose against the Swiss Franc as expected after prices produced a bullish Piercing Line candlestick pattern. The pair is testing resistance in the 0.8952-56 area, marked by the 100% Fibonacci expansion and the April 4 high. A break upward on a daily closing basis exposes the 123.6% level at 0.9016. Near-term support is at 0.8896, the 76.4% Fib, with a turn below that targeting the 61.8% expansion at 0.8859.



    Entering long at current levels seems premature from a tactical and a risk/respective perspective absent confirmation on a break above the April top. We will continue to stand aside for now.





    USD/CHF Technical Analysis - April High Held as Resistance










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



    Source: DailyFx


    Story Tools






    HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters