USD/CHF Technical Analysis: Digesting Below November Top
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- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9659, 0.9524, 0.9441
- Resistance:0.9739, 0.9868, 0.9973
The US Dollar paused to digest gains against the Swiss Franc having seemingly resumed its longer-term advance last week. A daily close above the 23.6% Fibonacci expansion at 0.9739 exposes the 38.2% level at 0.9868. Alternatively, a reversal below the 14.6% Fib at 0.9659 clears the way for a test of rising trend line support at 0.9524.
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