USD/CHF Technical Analysis: Rally Stalls Above 0.95 Mark
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- 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 is edging lower against the Swiss Franc as expected after producing a Shooting Star candlestick. A daily close below the 23.6%Fibonacci expansion at 0.9463 exposes the 0.9401-03 area marked by the September 19 close and the 14.6% level. Alternatively, a turn above the 38.2% Fib at 0.9564 opens the door for a challenge of the 50% expansion at 0.9646.
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.