USD/CHF Technical Analysis: Resistance Above 0.97 Exposed

2014-11-07 05:37:51

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Talking Points:

USD/CHF Technical Strategy: Longat 0.9452
Support: 0.9677 0.9556 0.9359
Resistance:0.9776 0.9874 0.9996

The US Dollar resumed its advance against the Swiss Franc in earnest with prices soaring to the highest level in sixteen months. A daily close above the 50% Fibonacci expansion at 0.9776 exposes the 61.8% level at 0.9874. Alternatively a reversal below the 0.9689-0.9736 area marked by the October 6 high and the 38.2% Fib clears the way for a test of 0.9556 the intersection of the 23.6% expansion and a rising trend line set from mid-October.

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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USD/CHF Technical Analysis: Resistance Above 0.97 Exposed

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak Currency Strategist for DailyFX.com

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