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USD/CHF Technical Analysis: Franc Drops to 12-Month Low

USD/CHF Technical Analysis: Franc Drops to 12-Month Low

2014-09-09 00:24:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/CHF Technical Strategy: Long at 0.9068
  • Support:0.9332, 0.9272, 0.9223
  • Resistance: 0.9429, 0.9526, 0.9586

The US Dollar soared to a 12-month high against the Swiss Franc after turning higher as expectedhaving put in a Bullish Engulfing candlestick pattern. A daily close above the 100% Fibonacci expansion at 0.9429 exposes the 123% level at 0.9526. Alternatively, a reversal back belowthe 76.4% Fib at 0.9272 opens the door for a test of the61.8% expansionat 0.9272.

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: Franc Drops to 12-Month Low

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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