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USD/CHF Technical Analysis: Rally Extends to 1-Year High

USD/CHF Technical Analysis: Rally Extends to 1-Year High

2014-09-05 04:37:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/CHF Technical Strategy: Long at 0.9068
  • Support:0.9272, 0.9223, 0.9175
  • Resistance: 0.9332, 0.9429, 0.9526

The US Dollar soared to a one-year high against the Swiss Franc after turning higher as expectedhaving put in a Bullish Engulfing candlestick pattern. A daily close above the 76.4% Fibonacci expansion at 0.9332 exposes the 100% level at 0.9429. Alternatively, a turn back belowthe 61.8% Fib at 0.9272 clears the way for a challenge of the50% expansionat 0.9223

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 Extends to 1-Year High

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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