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USD/CHF Technical Analysis: Pivotal Support Near 0.96 Figure

USD/CHF Technical Analysis: Pivotal Support Near 0.96 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Longat 0.9452
  • Support: 0.9595, 0.9550, 0.9505
  • Resistance:0.9706, 0.9761, 0.9807

The US Dollar is attempting to edge lower against the Swiss Franc as expected after producing a bearish Dark Cloud Cover candlestick pattern. Near-term support is in the 0.9595-0.9616 area, marked by the 38.2% Fibonacci retracementand the November 10 low, with a break below that on a daily closing basis exposing the 0.9550-69 zone (rising trend line, 38.2% level). Alternatively, a turn above the 23.6% Fib expansion at 0.9706 opens the door for a challenge of the 0.9741-61 region (38.2% expansion, November 7 high).

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: Pivotal Support Near 0.96 Figure

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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