USD/CHF Technical Analysis: Franc at Lowest in 19 Months
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- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9741, 0.9700, 0.9651
- Resistance:0.9806, 0.9891, 0.9977
The US Dollar is pushing higher against the Swiss Franc as expected after putting in a Bullish Engulfing candlestick pattern. A daily close above the 38.2% Fibonacci expansionat 0.9806 exposes the 50% level at 0.9891. Alternatively, a turn below resistance-turned-support marked by the November 7 high at 0.9741 clears the way for a test of the 23.6% Fib 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
--- 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.