USD/CHF Technical Analysis: Monthly Uptrend Under Fire
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- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9609, 0.9570, 0.9464
- Resistance:0.9635, 0.9700, 0.9741
The US Dollar declined for a third consecutive day against the Swiss Franc, with prices testing the boundaries of the near-term uptrend once again. A daily close below rising trend line support at 0.9609 exposes the 23.6% Fibonacci retracement at 0.9570. Alternatively, a reversal above the 14.6% level at 0.9635 clears the way for a test of the 23.6% Fib expansion at 0.9700.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.