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

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

2014-09-18 03:05:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/CHF Technical Strategy: Long at 0.9068
  • Support:0.9395, 0.9298, 0.9207
  • Resistance: 0.9463, 0.9564, 0.9646

The US Dollar launched higher anew against the Swiss Franc, rising the most in a week to establish a new 12-month high. Near-term resistance is at 0.9463, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 0.9564. Alternatively, a reversal below the 0.9395-0.9401 area marked by the September 10 high and the 14.6% Fib at clears the way for a challenge of rising trend line support at 0.9298.

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.

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

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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