USD/CHF Technical Analysis: Rally Loses Steam Above 0.97
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- 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.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com