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USD/CHF Technical Analysis: Next Resistance Above 0.92

USD/CHF Technical Analysis: Next Resistance Above 0.92

2014-09-02 00:50:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Long at 0.9068
  • Support:0.9175, 0.9114, 0.9060
  • Resistance: 0.9223, 0.9272, 0.9332

The US Dollar pushed higher against the Swiss Franc as expectedafter putting in a Bullish Engulfing candlestick pattern. Near-term resistance is at 0.9223, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 0.9272. Alternatively, reversal below the 38.2% Fib at 0.9175 clears the way for a challenge of the 23.6% expansion at 0.9114.

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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CHF Technical Analysis: Next Resistance Above 0.92

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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