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USD/CHF Technical Analysis: Rally Stalls Near 0.92 Figure

USD/CHF Technical Analysis: Rally Stalls Near 0.92 Figure

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 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 0.9175 has exposed the 50% level at 0.9223, with a further push beyond that eyeing the 61.8% Fib at 0.9272. Alternatively, a turn back below0.9175 clears the way for a challenge of the 23.6% expansionat 0.9114

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.

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USD/CHF Technical Analysis: Rally Stalls Near 0.92 Figure

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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