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Talking Points:
- USD/CHF Technical Strategy: Long at 0.9068
- Support:0.9427, 0.9299, 0.9207
- Resistance: 0.9506, 0.9569, 0.9633
The US Dollar resumed its ascent against the Swiss Franc, with prices soaring to the highest level in 14 months. Near-term resistance is at 0.9506, the 38.2%Fibonacci expansion, with a break above that on a daily closing level exposing the 50% level at 0.9569. Alternatively, a reversal back below the 23.6% Fib at 0.9427 clears the way for a test of the September 16 low at 0.9299.
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
