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Talking Points:
- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9556, 0.9512, 0.9359
- Resistance:0.9689, 0.9776, 0.9874
The US Dollar is in consolidation mode having advanced to a sixteen-month high against the Swiss Franc. Near-term resistance is in the 0.9677-89 area, marked by the October 6 high and the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 0.9776. Alternatively, a turn below the 23.6% expansion at 0.9556 opens the door for a challenge of trend line support at 0.9512.
We bought USDCHF at 0.9452 and subsequently booked profit on half of the position. The rest of the trade remains open to capture any further upside momentum with a stop-loss at breakeven (0.9452).
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
