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USD/CHF Technical Analysis: Uptrend Ready to Resume?

USD/CHF Technical Analysis: Uptrend Ready to Resume?

2014-11-17 23:40:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • 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.

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: Uptrend Ready to Resume?

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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