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USD/CHF Technical Analysis: Rally Pauses at 14-Month High

USD/CHF Technical Analysis: Rally Pauses at 14-Month High

2014-09-30 01:51:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/CHF Technical Strategy: Long at 0.9068
  • Support:0.9463, 0.9401, 0.9299
  • Resistance: 0.9564, 0.9646, 0.9728

The US Dollar paused to digest gains after rising to the strongest level in 14 months against the Swiss Franc. Near-term resistance is at 0.9564, the 38.2%Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 0.9646. Alternatively, a turn below the 23.6% Fib at 0.9463 clears the way for a challenge of the 0.9401-03 area marked by the September 19 close and the 14.6% expansion.

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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USD/CHF Technical Analysis: Rally Pauses at 14-Month 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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