USD/CHF Technical Analysis: Long Position Remains in Play
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- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9633, 0.9570, 0.9464
- Resistance:0.9700, 0.9741, 0.9806
The US Dollar may be preparing to push upward against the Swiss Franc once again having put in a Bullish Engulfing candlestick pattern. A daily close above the 23.6% Fibonacci expansionat 0.9700 exposes the November 7 high at 0.9741. Alternatively, a turn below rising trend line support at 0.9626 clears the way for a test of the 23.6% Fib retracement at 0.9570.
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.