USD/CHF Technical Analysis: Profits Booked on Long Trade
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- USD/CHF Technical Strategy: Flat
- Support: 0.9654, 0.9554, 0.9391
- Resistance:0.9690, 0.9817, 0.9899
The US Dollar turned lower against the Swiss Franc as expected, completing a bearish Rising Wedge chart formation. Near-term support is at 0.9654, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 0.9554. Alternatively, a turn above wedge floor support-turned-resistance at 0.9690 opens the door for a challenge of the December 8 high at 0.9817.
We entered long USDCHF at 0.9452 and subsequently booked profit on half of the position. We have now booked profit on the remainder of the position and will continue to stand aside until a corrective pullback offers another buying opportunity in the days ahead.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com