To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9533, 0.9441, 0.9359
- Resistance:0.9646, 0.9741, 0.9815
The US Dollar turned downward as expected against the Swiss Franc after prices produced a bearish Dark Cloud Cover candlestick pattern. Near-term support is in the 0.9533-72 area, marked by a rising trend line and a falling channel bottom, with a break below that on a daily closing basis exposing the October 29 low at 0.9441. Alternatively, a reversal above the channel top at 0.9646 opens the door for a challenge of the November 7 high at 0.9741.
We bought USDCHF at 0.9452 and subsequently booked profit on half of the position. The rest of the trade remains open to capture any further upside momentum with a stop-loss at breakeven (0.9452).
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
original source