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Talking Points:
USD/CHF Technical Strategy: Longat 0.9452
Support: 0.9626, 0.9570, 0.9464
Resistance:0.9700, 0.9741, 0.9806
The US Dollar is attempting to reignite its push higher against the Swiss Franc after producing a Bullish Engulfing candlestick pattern. Near-term resistance is at 0.9700, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the November 7 high at 0.9741. Alternatively, a reversal below rising trend line support at 0.9626 opens the door for a challenge of the 23.6% Fib retracement at 0.9570.
We bought USDCHF at 0.9452 and subsequently booked profit on half of the position. The rest of the trade remains open to capture any further upside momentum with a stop-loss at breakeven (0.9452).
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
USD/CHF Technical Analysis: Next Leg of Rally Under Way?
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