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USD/CHF Technical Analysis: Monthly Rising Trend Holding

USD/CHF Technical Analysis: Monthly Rising Trend Holding

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • 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.

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: Monthly Rising Trend Holding

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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