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Talking Points:
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USD/CHF Technical Strategy: Long at 0.9068
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Support:0.9653, 0.9601, 0.9516
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Resistance: 0.9737, 0.9805, 0.9874
The US Dollar resumed its push higher against the Swiss Franc, soaring to the highest level in 15 months. A daily close above the 38.2%Fibonacci expansion at 0.9737 exposes the 50% level at 0.9805. Alternatively, a reversal below the 23.6% Fib at 0.9653 clears the way for a test of the 14.6% expansion at 0.9601.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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