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USD/CHF Technical Analysis: Franc Bounce May Be Ahead

USD/CHF Technical Analysis: Franc Bounce May Be Ahead

2014-10-07 00:13:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Long at 0.9068
  • Support:0.9530, 0.9432, 0.9353
  • Resistance: 0.9689, 0.9737, 0.9805

The US Dollar may correct lower against the Swiss Franc after prices completed a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 0.9530, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 0.9432. Alternatively, a reversal above the October 6 high at 0.9689 opens the door for a challenge of the 38.2% Fib expansion at 0.9737.

We bought USDCHF at 0.9068 and have since taken profit on half of our exposure. The remainder of the trade is open to capture any further upside momentum. The stop-loss is now 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 Bounce May Be Ahead

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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