USD/CHF Technical Analysis: Next Leg of Rally Under Way?
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- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9626, 0.9570, 0.9464
- Resistance:0.9700, 0.9741, 0.9806
The US Dollar is attempting to reignite its push higher against the Swiss Franc after producing a Bullish Engulfing candlestick pattern. 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 rising trend line support at 0.9626 opens the door for a challenge of the 23.6% Fib retracement at 0.9570.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com