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USD/CHF Technical Analysis: November High Under Fire

USD/CHF Technical Analysis: November High Under Fire

2014-12-02 23:09:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • 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.

We bought USDCHF at 0.9452 and subsequently booked profit on half of the position. The rest of the trade remains open to capture any further upside momentum with a stop-loss at breakeven (0.9452).

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USD/CHF Technical Analysis: November High Under Fire

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.

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