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Talking Points:
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USD/CHF Technical Strategy: Long at 0.9068
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Support:0.9463 0.9401 0.9299
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Resistance: 0.9564 0.9646 0.9728
The US Dollar continues to push aggressively higher against the Swiss Franc with prices soaring to the highest level since mid-July 2013. A daily close above the 38.2%Fibonacci expansionat 0.9564 exposes the 50% level at 0.9646. Alternatively a reversal back below the 23.6% Fib at 0.9463 opens the door for a challenge of the 0.9401-03 area marked by the September 19 close and the 14.6% expansion.
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.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak Currency Strategist for DailyFX.com
original source
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