USD/CHF Technical Analysis: Profits Booked on Long Trade
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- USD/CHF Technical Strategy: Long at 0.9068
- Support: 0.9432, 0.9353, 0.9274
- Resistance:0.9516, 0.9566, 0.9627
The US Dollar fell as expected against the Swiss Franc after putting in a bearish Dark Cloud Cover candlestick pattern. A daily close below the 38.2% Fibonacci retracement at 0.9432 exposes the 50% level at 0.9353. Alternatively, a turn back above support-turned-resistance at 0.9516, the October 2 low, clears the way for a test of the 14.6% Fib expansion at 0.9566.
We bought USDCHF at 0.9068 and have since taken profit on half of our exposure. We will now book the remainder of the trade and move to the sidelines, waiting for another opportunity to get into the longer-term rising trend following a correction.
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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.