USD/CHF Technical Analysis: Franc Drops to Monthly Low
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- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9592, 0.9493, 0.9359
- Resistance:0.9736, 0.9852, 0.9969
The US Dollar advanced for a fourth consecutive day against the Swiss Franc, with prices hitting a one-month high. Near-term resistance is in the 0.9689-0.9736 area, marked by the October 6 high and the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 0.9852. Alternatively, a turn below the 23.6% expansion at 0.9592 opens the door for a challenge of trend line support at 0.9493.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com