To receive Ilya’s analysis directly via email, please SIGN UP HERE
- USD/CHF Technical Strategy: Long at 0.9068
- Support:0.9295, 0.9249, 0.9207
- Resistance: 0.9369, 0.9429, 0.9489
The US Dollar paused to digest gains after probing a 12-month high having rallied as expected following the appearance of a Bullish Engulfing candlestick pattern. Near-term resistance is at 0.9369, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 0.9429. Alternatively, a reversal back belowthe 23.6% Fib at 0.9295 clears the way for a challenge of the14.6% expansionat 0.9249.
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