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Talking Points:
- USD/CHF Technical Strategy: Long at 0.9068
- Support:0.9293, 0.9241, 0.9198
- Resistance: 0.9362, 0.9406, 0.9434
The US Dollar may be preparing to correct lower against the Swiss Franc after prices put in a Harami candlestick pattern. Near-term support is at 0.9293, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 0.9241. Alternatively, a turn above the 100% Fib expansion at 0.9362 clears the way for a challenge of the123.6% threshold at 0.9406.
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.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
