USD/CHF Technical Analysis: Topping Above 0.94 Figure?
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- USD/CHF Technical Strategy: Long at 0.9068
- Support:0.9344, 0.9299, 0.9250
- Resistance: 0.9427, 0.9506, 0.9569
The US Dollar may be carving out a top against the Swiss Franc as negative RSI divergence warns of ebbing upside momentum. A daily close below rising channel floor support at 0.9344 exposes the September 16 low at 0.9299. Alternatively, a push above resistance at 0.9427 marked by the channel top and the 23.6% Fibonacci expansion opens the door for a challenge of the 38.2% level at 0.9506.
We bought USDCHF at 0.9068 and have since taken profit on half of our exposure. The remainder of the trade is open to capture any further upside momentum. The stop-loss is now at 0.9114, our initial objective.
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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.