USD/CHF Technical Analysis: Four-Day Win Streak Broken
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- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9592, 0.9503, 0.9359
- Resistance:0.9736, 0.9852, 0.9969
The US Dollar pulled back against the Swiss Franc after prices touched the highest level in sixteen months. 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 clears the way for a test of trend line support at 0.9503.
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.