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Talking Points:
- USD/CHF Technical Strategy: Long at 0.9068
- Support:0.9362, 0.9318, 0.9290
- Resistance: 0.9406, 0.9434, 0.9456
The US Dollar advanced to set another 12-month high against the Swiss Franc having rallied as expectedfollowing the formation of a Bullish Engulfing candlestick pattern. A daily close above the 123.6% Fibonacci expansion at 0.9406 exposes the 138.2% level at 0.9434. Alternatively, a reversal back belowthe 100% Fib at 0.9362 opens the door for a test of the76.4% expansionat 0.9318.
We bought 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
