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Talking Points:
- USD/CHF Technical Strategy: Long at 0.9068
- Support:0.9175, 0.9114, 0.9060
- Resistance: 0.9223, 0.9272, 0.9332
The US Dollar rallied against the Swiss Franc as expected after prices produced a Bullish Engulfing candlestick pattern at trend line support. A daily close above the 38.2% Fibonacci expansion at 0.9175 has exposed the 50% level at 0.9223, with a further push beyond that eyeing the 61.8% Fib at 0.9272. Alternatively, a turn back below0.9175 clears the way for a challenge of the 23.6% expansionat 0.9114
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
