USD/CHF Technical Analysis: Buyers Claim 0.95 Figure
To receive Ilya's analysis directly via email, please SIGN UP HERE
- USD/CHF Technical Strategy: Long at 0.9068
- Support:0.9463, 0.9401, 0.9299
- Resistance: 0.9564, 0.9646, 0.9728
The US Dollar advanced for a fifth consecutive day against the Swiss Franc, with buyers managing to secure a foothold above the 0.95 figure. A daily close above the 38.2%Fibonacci expansionat 0.9564 exposes the 50% level at 0.9646. Alternatively, a reversal back below the 23.6% Fib at 0.9463 opens the door for a challenge of the 0.9401-03 area marked by the September 19 close and the 14.6% expansion.
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.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
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.