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Talking Points:
- USD/CHF Technical Strategy: Long at 0.9068
- Support:0.9175, 0.9114, 0.9060
- Resistance: 0.9223, 0.9272, 0.9332
The US Dollar pushed higher against the Swiss Franc as expectedafter putting in a Bullish Engulfing candlestick pattern. Near-term resistance is at 0.9223, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 0.9272. Alternatively, reversal below the 38.2% Fib at 0.9175 clears the way for a challenge of the 23.6% expansion at 0.9114.
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.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
original source
