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Talking Points:
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USD/CHF Technical Strategy: Long at 0.9068
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Support:0.9518 0.9432 0.9353
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Resistance: 0.9591 0.9689 0.9766
The US Dollar turned lower against the Swiss Franc as expected after producing a bearish Dark Cloud Cover candlestick pattern. Near-term support is in the 0.9518-30 area marked by a rising trend line and 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 turn above the 14.6% Fib at 0.9591 opens the door for a challenge of the 0.9677-89 zone bracketed by the 100% Fib expansion and the October 6 high.
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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