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Talking Points:
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USD/CHF Technical Strategy: Long at 0.9068
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Support:0.9530, 0.9432, 0.9353
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Resistance: 0.9689, 0.9737, 0.9805
The US Dollar may have carved out an interim top against the Swiss Franc after putting in a bearish Dark Cloud Cover candlestick pattern. A daily close below the 23.6% Fibonacci retracementat 0.9530 exposes the 38.2% level at 0.9432. Alternatively, a turn above the October 6 high at 0.9689 clears the way for a test of the 38.2% Fib expansion at 0.9737.
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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