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USD/CHF Technical Analysis: Rally Loses Steam Above 0.97

USD/CHF Technical Analysis: Rally Loses Steam Above 0.97

2014-11-26 00:59:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Longat 0.9452
  • Support: 0.9635, 0.9602, 0.9530
  • Resistance:0.9700, 0.9741, 0.9806

The US Dollar corrected downward after seemingly resuming its larger uptrend against the Swiss Franc with the completion of a Flag formation last week. Near-term resistance is at 0.9700, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the November 7 high at 0.9741. Alternatively, a reversal below 14.6% Fib at 0.9635 opens the door for a challenge of rising trend line support at 0.9602.

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: Rally Loses Steam Above 0.97

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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