USD/CHF Technical Analysis: November High Under Fire
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- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9676, 0.9620, 0.9585
- Resistance:0.9721, 0.9766, 0.9821
The US Dollar looks to have launched the next leg of its advance against the Swiss Franc after prices soared out of a Flag consolidation pattern. Near-term resistance is at 0.9721, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 0.9766. Alternatively, a reversal below 38.2% Fib at 0.9676 opens the door for a challenge of the 23.6% expansion at 0.9620.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com