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Talking Points:
- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9676, 0.9620, 0.9585
- Resistance:0.9721, 0.9766, 0.9821
The US Dollar looks to have launched the next leg of its advance against the Swiss Franc after prices soared out of a Flag consolidation pattern. Near-term resistance is at 0.9721, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 0.9766. Alternatively, a reversal below 38.2% Fib at 0.9676 opens the door for a challenge of the 23.6% expansion at 0.9620.
We bought USDCHF at 0.9452 and subsequently booked profit on half of the position. The rest of the trade remains open to capture any further upside momentum with a stop-loss at breakeven (0.9452).
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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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