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Talking Points:
- USD/CHF Technical Strategy: Long at 0.9068
- Support:0.9294, 0.9262, 0.9232
- Resistance: 0.9369, 0.9429, 0.9489
The US Dollar may be setting up for a pullback against the Swiss Franc after rallying as expected as prices complete a bearish Evening Star candle pattern. A daily close below the 14.6% Fibonacci retracement at 0.9294 exposes rising trend line support at 0.9262. Alternatively, a turn above the 38.2% Fib expansion at 0.9369 opens the door for a test of the50% threshold at 0.9429.
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
