USD/CHF Technical Analysis: Resistance Above 0.94 Holds

2014-10-20 07:40:09

(MENAFN- DailyFX) DailyFX.com - r>

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

Talking Points:

USD/CHF Technical Strategy: Flat
Support: 0.9312 0.9196 0.9079
Resistance:0.9456 0.9492 0.9545

The US Dollar declined as expected against the Swiss Franc after prices formed a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 0.9312 the intersection of a falling channel floor and the 38.2% Fibonacci retracement with a break below that on a daily closing basis exposing the 0.9196-0.9218 area marked by a rising trend line set from early May and the 50% level. Alternatively a turn above the 23.6% Fib at 0.9456 clears the way for a test of channel top resistance at 0.9492

The dominant trend appears to favor the upside suggesting the descent from October’s high is corrective. With that in mind we will opt against taking up the short side and wait for a buying opportunity following confirmation that the pullback has been exhausted.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CHF Technical Analysis: Resistance Above 0.94 Holds

Daily Chart - Created Using FXCM Marketscope 2.0

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

original source

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.