USD/CHF Technical Analysis: Resistance Above 0.97 Exposed
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- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9677, 0.9556, 0.9359
- Resistance:0.9776, 0.9874, 0.9996
The US Dollar resumed its advance against the Swiss Franc in earnest, with prices soaring to the highest level in sixteen months. A daily close above the 50% Fibonacci expansion at 0.9776 exposes the 61.8% level at 0.9874. Alternatively, a reversal below the 0.9689-0.9736 area marked by the October 6 high and the 38.2% Fib clears the way for a test of 0.9556, the intersection of the 23.6% expansion and a rising trend line set from mid-October.
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