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Talking Points:
- USD/CHF Technical Strategy: Long at 0.9068
- Support:0.9463, 0.9401, 0.9299
- Resistance: 0.9564, 0.9646, 0.9728
The Swiss Franc may be preparing to launch a recovery against the US Dollar after prices put in a Shooting Star candlestick. Near-term support is at 0.9463, the 23.6%Fibonacci expansion, with a break below that on a daily closing basis exposing the 0.9401-03 area marked by the September 19 close and the 14.6% level. Alternatively, a push above the 38.2% Fib at 0.9564 clears the way for a test of the 50% expansion at 0.9646.
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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