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USD/CHF Technical Analysis: Candle Setup Hints at Pullback

USD/CHF Technical Analysis: Candle Setup Hints at Pullback

2014-11-10 02:59:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Longat 0.9452
  • Support: 0.9651, 0.9595, 0.9550
  • Resistance:0.9685, 0.9745, 0.9784

The US Dollar may be readying to turn lower against the Swiss Franc following the appearance of a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 0.9651, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 0.9595. Alternatively, a turn above the 14.6% retracement at 0.9685 opens the door for a challenge of the 50% Fib expansion at 0.9745.

We bought USDCHF at 0.9452 and subsequently booked profit on half of the position. The rest of the trade remains open to capture any further upside momentum with a stop-loss at breakeven (0.9452).

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USD/CHF Technical Analysis: Candle Setup Hints at Pullback

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.

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