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Talking Points:
- USD/CHF Technical Strategy: Long at 0.9068
- Support:0.9339, 0.9299, 0.9250
- Resistance: 0.9427, 0.9569, 0.9633
The US Dollar may correct lower against the Swiss Franc as negative RSI divergence points to fading bullish momentum. Near-term resistance is at 0.9427, marked by the a rising channel top and the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 0.9506. Alternatively, a reversal below the channel floor at 0.9339 clears the way for a challenge 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
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