USD/CHF Technical Analysis: Long Trade Triggered Sub-0.91
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- USD/CHF Technical Strategy: Long at 0.9068
- Support:0.9017, 0.8957, 0.8908
- Resistance: 0.9054, 0.9110, 0.9189
The US Dollar may be readying to resume its advance against the Swiss Franc after prices put in a Bullish Engulfing candlestick pattern. A daily close above the 23.6% Fibonacci expansion at 0.9114 exposes the 38.2% level at 0.9175. Alternatively, a turn below support in the area marked by the 23.6% Fib retracement and a rising trend line set from early May opens the door for a test of the 38.2% barrier at 0.8957.
We will attempt a long position from here, initially targeting 0.9114. A stop-loss will be activated on a daily close below 0.9017. We will take profit on half of the position and move to stop-loss to the breakeven level once the initial objective is met.
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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.