USD/CHF Technical Analysis: Uptrend Ready to Resume?
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- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9642, 0.9595, 0.9550
- Resistance:0.9698, 0.9743, 0.9788
The US Dollar may be readying to resume its advance against Swiss Franc as prices complete a Bullish Engulfing candlestick pattern. Near-term resistance is at 0.9698, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 0.9741-43 area marked by the November 7 high and the 50% level. Alternatively, a reversal below the 23.6% expansion at 0.9641 opens the door for a challenge of the 38.2% Fib retracement at 0.9595.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com