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USD/CHF Technical Analysis: Sellers Threaten Monthly Trend

USD/CHF Technical Analysis: Sellers Threaten Monthly Trend

2014-11-17 04:22:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Longat 0.9452
  • Support: 0.9550, 0.9505, 0.9449
  • Resistance:0.9595, 0.9680, 0.9779

The US Dollar declined against the Swiss Franc as expected after prices put in a bearish Dark Cloud Cover candlestick pattern. A daily close below the 0.9550, the intersection of a rising trend line and the 50% Fibonacci retracementexposes the 61.8% level at 0.9505. Alternatively, a reversal above the 38.2% retracement at 0.9595 clears the way for a test of the 38.2% Fib expansion at 0.9680.

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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USD/CHF Technical Analysis: Sellers Threaten Monthly Trend

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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