USD/CHF Technical Analysis: October High in the Crosshairs
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- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9592, 0.9456, 0.9312
- Resistance:0.9736, 0.9852, 0.9969
The US Dollar is accelerating upward against the Swiss Franc, building on a breakout from a bullish Flag chart formation. A daily close above the 0.9689-0.9736 area marked by the October 6 high and the 38.2% Fibonacci expansion exposes the 50% level at 0.9852. Alternatively, a reversal below the 23.6% expansion at 0.9592 opens the door for a challenge of the 0.9456-85 zone (trend line, 23.6% Fib retracement).
We entered long USDCHF at 0.9452 and subsequently booked profit on half of the position. The remainder of the trade is open to capture any further upside momentum with a stop-loss trailed to breakeven (0.9452).
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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.