XE.com – Forex: USD/CHF Technical Analysis ? Range-Bound …

XE.com – Forex: USD/CHF Technical Analysis ? Range-Bound …

2014-02-25 13:07 (UTC)

Ilya Spivak, Currency Strategist

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

Talking Points:

USD/CHF Technical Strategy: Flat

Support: 0.8848 (Dec’13 closing bottom), 0.8798 (Dec 27 low)

Resistance: 0.8921 (23.6% Fib ret.), 0.8966 (38.2% Fib ret.)

Prices are consolidating above support at 0.8848, the December 2013 closing bottom. Near-term resistance is at 0.8921, the 23.6% Fibonacci retracement, a barrier reinforced by a falling trend line set from late January. A break above this boundary exposes the 38.2% level at 0.8966. Alternatively, a break below support aims for the December 27 low at 0.8798.

Narrow range-bound trading conditions do not offer a clear-cut directional trade setup. From a risk/reward perspective, prices are too close to support to justify a short. On the other hand, a defined bullish reversal signal is absent for now. We will remain flat until something actionable materializes.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

original source

View original article:  

XE.com – Forex: USD/CHF Technical Analysis ? Range-Bound …

See which stocks are being affected by Social Media

Share this post