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Technical Analysis USD/CHF Franc Rises


Technical Analysis USD/CHF Franc Rises to Monthly High.








Technical Analysis USD/CHF Franc Rises to Monthly High Update 18 June 2015

Talking Points:

* USD/CHF Technical Strategy: Flat
* Support:0.9139, 0.9015, 0.8890
* Resistance: 0.9275, 0.9373, 0.9544


Written by Ilya Spivak, Currency Strategist for DailyFX.com

Technical Analysis USD/CHF Franc Rises to Monthly High the US Dollar declined against the Swiss Franc as expected after producing a bearish Evening Star candlestick pattern. A daily close below the 38.2% Fibonacci expansion at 0.9139 exposes the 50% level at 0.9015. Alternatively, a push above trend line support-turned-resistance at 0.9275 clears the way for a test of a downward-sloping barrier capping gains since mid-March, now at 0.9373.

While entering short is tempting from a purely technical perspective, we will tactically opt to stand aside. Erratic SNB policy moves since the beginning of the year imply a worrisome degree of outsized volatility risk in having exposure to anything CHF-related. As such, we prefer to stand aside.

Source: dailyfx

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