Forex Marketz Daily Forex News – Fully Markets Update
USD/CHF (0.9639)
- Resistance Levels: 0.9700, 0.9740, 0.9805
- Support levels: 0.9637, 0.9605, 0.9530
The U.S. Dollar seems to have hit a wall above 0.97 after being in a nice uptrend versus the Swiss franc. Please refer to the above daily MT 4 chart. After touching a minor resistance level near 0.97380 the dollar reversed lower last week. Please note the flag candlestick formation which is a bearish reversal signal.
We are noting near term resistance lining up at the 0.97 handle. We need a daily close above this level to challenge 0.9740. This is also the high reached back on November 7. If we continue lower, then a break below, with a daily close below 0.9637 will challenge 0.9605. This technical level is supported by the rising trend line.
Let’s discuss trading strategy today. I am remaining long with the USD/CHF as I feel I can capture a little more upside momentum. My strategy will remain the same for now. I bought the USD/CHF at 0.9450 with an initial target of 0.9555. I am going to keep the position open for now to capture anymore buying and gains. I have a stop loss at 0.9450 in order to breakeven.
As always, trading strategies are educational in nature and do not constitute trading advice. Please do your own technical analysis to support my own.
