USD/CHF Technical Analysis: Key Support Above 0.95 at Risk
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- USD/CHF Technical Strategy: Long at 0.9068
- Support: 0.9516, 0.9432, 0.9353
- Resistance: 0.9566, 0.9627, 0.9725
The US Dollar fell as expected against the Swiss Franc after putting in a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 0.9516, the October 2 low, with a break below that on a daily closing basis exposing the 38.2% Fibonacci retracement at 0.9432. Alternatively, a reversal above the 14.6% Fib exposureopens the door for a challenge of the 23.6% threshold at 0.9627.
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.