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USD/CHF Technical Analysis: Franc Drops to 12-Month Low, Long at 0.9068

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by , 09-10-2014 at 05:58 AM (638 Views)
      
   
Talking Points:

  • USD/CHF Technical Strategy: Long at 0.9068
  • Support:0.9332, 0.9272, 0.9223
  • Resistance: 0.9429, 0.9526, 0.9586

The US Dollar soared to a 12-month high against the Swiss Franc after turning higher as expectedhaving put in a Bullish Engulfing candlestick pattern. A daily close above the 100% Fibonacci expansion at 0.9429 exposes the 123% level at 0.9526. Alternatively, a reversal back belowthe 76.4% Fib at 0.9272 opens the door for a test of the61.8% expansionat 0.9272.

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.



--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


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