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Talking Points:
- USD/CHF Technical Strategy: Flat
- Support: 0.9359, 0.9312, 0.9270
- Resistance:0.9502, 0.9592, 0.9689
The US Dollar is attempting to reassert itself after falling against the Swiss Franc as expected following the appearance of a Dark Cloud Cover candlestick pattern. A daily close above the intersection of a falling channel top and the 14.6% Fibonacci expansion at 0.9503 exposes the 23.6% level at 0.9592. Alternatively, a reversal below the October 15 low at 0.9359 opens the door for a challenge of the 38.2% Fib at 0.9312.
On balance, the dominant trend has favored the upside for over five months. With that mind, we will look to the current pullback as corrective and position to enter long once selling pressure ebbs rather than aim to take on short exposure.
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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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