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Talking Points:
- USD/CHF Technical Strategy: Long at 0.9068
- Support:0.9295, 0.9249, 0.9207
- Resistance: 0.9369, 0.9429, 0.9489
The US Dollar paused to digest gains after probing a 12-month high having rallied as expected following the appearance of a Bullish Engulfing candlestick pattern. Near-term resistance is at 0.9369, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 0.9429. Alternatively, a reversal back belowthe 23.6% Fib at 0.9295 clears the way for a challenge of the14.6% expansionat 0.9249.
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
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