USD/CHF Technical Analysis: Monthly Rising Trend Holding
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- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9533, 0.9441, 0.9359
- Resistance:0.9646, 0.9741, 0.9815
The US Dollar turned downward as expected against the Swiss Franc after prices produced a bearish Dark Cloud Cover candlestick pattern. Near-term support is in the 0.9533-72 area, marked by a rising trend line and a falling channel bottom, with a break below that on a daily closing basis exposing the October 29 low at 0.9441. Alternatively, a reversal above the channel top at 0.9646 opens the door for a challenge of the November 7 high at 0.9741.
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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.