To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- USD/CHF Technical Strategy: Long at 0.9068
- Support:0.9463, 0.9401, 0.9299
- Resistance: 0.9564, 0.9646, 0.9728
The US Dollar paused to digest gains after rising to the strongest level in 14 months against the Swiss Franc. Near-term resistance is at 0.9564, the 38.2%Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 0.9646. Alternatively, a turn below the 23.6% Fib at 0.9463 clears the way for a challenge of the 0.9401-03 area marked by the September 19 close and the 14.6% expansion.
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.
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