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USD/CHF Technical Analysis: Franc Sets New 12-Month Low

USD/CHF Technical Analysis: Franc Sets New 12-Month Low

2014-09-11 05:14:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/CHF Technical Strategy: Long at 0.9068
  • Support:0.9362, 0.9318, 0.9290
  • Resistance: 0.9406, 0.9434, 0.9456

The US Dollar advanced to set another 12-month high against the Swiss Franc having rallied as expectedfollowing the formation of a Bullish Engulfing candlestick pattern. A daily close above the 123.6% Fibonacci expansion at 0.9406 exposes the 138.2% level at 0.9434. Alternatively, a reversal back belowthe 100% Fib at 0.9362 opens the door for a test of the76.4% expansionat 0.9318.

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.

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

USD/CHF Technical Analysis: Franc Sets New 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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