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Test Of Key Support Levels-Outlook For The USD/CHF

Shain Vernier•Wednesday, November 15, 2017•1 min read

The Swiss franc has put on a show against the greenback for the past two sessions. In the face of struggling dollar, the franc has posted a sustained rally producing a test of downside support. Since the initial test, the USD/CHF has entered rotation.

A key macro support level serves as the bottom extreme of today’s trade. In the event that it does not hold, a considerable shift in market sentiment will have taken place.

 

USD/CHF Technical Outlook

It is good to see the forex spring to life, as we have had dull market conditions to contend with for an extended period. Today’s action in the Swissie will set us up for a late week trade or two.

USD/CHFUSD/CHF, Daily Chart

Here are the key levels for the remainder of the U.S. session:

  • Resistance(1): Bollinger MP, .9905

  • Resistance(2): 13 Day SMA, .9912

  • Resistance(3): 20 Day EMA, .9914

  • Support(1): 50% yearly retracement, .9878

  • Support(2): Intraday low, .9846

  • Support(2): Psyche level, .9800

Overview: After an early bear run, action has settled down dramatically. Today’s close may produce a Doji on the daily timeframe, an indication of a consolidating market. We are likely to have a Bollinger MP/Daily SMA crossover for tomorrow’s session, so shorts from topside resistance will be probable entries.

For now, I am in wait and see mode until the forex close for the USD/CHF. In the meantime, if you are interested in trading plans facing a broad spectrum of asset classes, check out the FX Leaders live trading signals page.

 
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ABOUT THE AUTHOR See More
Shain Vernier
US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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