USD/CHF Technical Analysis: Long Position Remains in Play
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- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9541, 0.9441, 0.9359
- Resistance:0.9658, 0.9741, 0.9815
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 0.9541-64 area marked by a rising trend line and a falling channel bottom exposes the October 29 low at 0.9441. Alternatively, a reversal above the channel top at 0.9658 clears the way for a test of the November 7 high at 0.9741.
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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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.