USD/CHF Technical Analysis: November High Under Fire
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- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9700, 0.9642, 0.9570
- Resistance:0.9741, 0.9806, 0.9891
The US Dollar looks to have re-launched its upward push against the Swiss Franc as expected after putting in a Bullish Engulfing candlestick pattern. Near-term resistance is at 0.9741, the November 7 high, with a break above that on a daily closing basis exposing the 38.2% Fibonacci expansion at 0.9806. Alternatively, a turn below the 23.6% level at 0.9700 opens the door for a challenge of rising trend line support at 0.9642.
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Daily Chart - Created Using FXCM Marketscope
--- 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.