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USD/CHF Technical Analysis: Long Trade Hits First Target

USD/CHF Technical Analysis: Long Trade Hits First Target

2014-08-21 07:07:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Long at 0.9068
  • Support:0.9114, 0.9025, 0.8994
  • Resistance: 0.9175, 0.9223, 0.9272

The US Dollar rallied against the Swiss Franc as expected after prices produced a Bullish Engulfing candlestick pattern at trend line support. A daily close above the 38.2% Fibonacci expansion at 0.99175 exposes the 50% level at 0.9223. Alternatively, a turn below the 23.6% Fib at 0.9114 clears the way for a challenge of a rising trend line set from early May, now at 0.9025.

We bought USDCHF at 0.9068. The trade has now met its initial objective at 0.9114 and we’ve taken profit on half of our exposure. The rest will remain open to capture any further upside momentum with a stop-loss adjusted to the breakeven level.

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USD/CHF Technical Analysis: Long Trade Hits First Target

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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