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USD/CHF Technical Analysis: Eyeing Support Below 0.93

USD/CHF Technical Analysis: Eyeing Support Below 0.93

2014-09-16 01:09:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/CHF Technical Strategy: Long at 0.9068
  • Support:0.9277, 0.9207, 0.9130
  • Resistance: 0.9369, 0.9429, 0.9489

The US Dollar may be topping against the Swiss Franc following the formation of a bearish Evening Star candle pattern after rallying as expected. Near-term support is in the 0.9277-94 area, marked by the 14.6% Fibonacci retracement and a rising trend line.A break below that on a daily closing basis exposes the 0.9207-32 zone bracketed by the 23.6% level and the October 2013 top. Alternatively, a reversal above the 38.2% Fib expansion at 0.9369 clears the way for a challenge of the50% threshold at 0.9429.

We entered long USDCHF at 0.9068 and have since taken profit on half of our exposure. The rest remains open to capture any further upside momentum with a stop-loss at 0.9114, our initial objective.

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USD/CHF Technical Analysis: Eyeing Support Below 0.93

Daily Chart - Created Using FXCM Marketscope 2.0

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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