USD/CHF Technical Analysis: Key Support Above 0.95 Mark
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Talking Points:
USD/CHF Technical Strategy: Long at 0.9068
Support:0.9516, 0.9432, 0.9353
Resistance: 0.9566, 0.9627, 0.9725
The US Dollar declined against the Swiss Franc as expected after putting in a bearish Dark Cloud Cover candlestick pattern. A daily close below the October 2 low at 0.9516 exposes the 38.2% Fibonacci retracement at 0.9432. Alternatively, a reversal above the 14.6% Fib expansion at 0.9566 clears the way for a test of 23.6% threshold at 0.9627.
We entered long USDCHF at 0.9068 and have since taken profit on half of our exposure. The rest remains open to capture any further upside momentum with a stop-loss at 0.9114, our initial objective.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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