Forex: USD/CHF Technical Analysis ? Aiming Below 0.88 Figure
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Talking Points:
- USD/CHF Technical Strategy: Flat
- Support: 0.8777 (38.2% Fib exp., channel top), 0.8723 (50% Fib exp.)
- Resistance:0.8844 (23.6% Fib exp.), 0.8903 (Apr 4 high)
The Swiss Franc continued to advance against the US Dollar as expected after prices completed a bearish Evening Star candlestick formation. Sellers now aim to challenge support in the 0.8777-86 area, marked by a recently broken falling channel top and the 38.2% Fibonacci expansion. Breaking below this barrier aims for the 50% level at 0.8723. Alternatively, a turn back above the 23.6% Fib at 0.8844 targets the April 4 high at 0.8903.
While entering short at current levels is a tempting proposition from a technical and risk/reward perspective, we will tactically opt to stand aside. The break above the channel top secured on March 27 suggests the dominant trend bias favors the upside and paints the current pullback as corrective. With that in mind, we will wait for the downturn to play out and produce a bullish reversal signal as the cue to enter long rather than try to chase prices lower.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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