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USD/CHF Technical Strategy: Long at 0.9068
Support:0.9089-0.9114 0.9038 0.8994
Resistance: 0.9175 0.9223 0.9272
The US Dollar pushed higher against the Swiss Franc as expected after putting in a Bullish Engulfing candlestick pattern. Near-term resistance is at 0.9175 the 38.2% Fibonacci expansion with a break above that on a daily closing basis exposing the 50% level at 0.9223. Alternatively reversal below support in the 0.9089-0.9114 area marked by the 23.6% Fib and the August 5 close clears the way for a challenge of a rising trend line set from early May now at 0.9038.
We entered long USDCHF at 0.9068and have since taken profit on half of our exposure. The rest remains open to capture any further upside momentum with a stop-loss adjusted to the breakeven level.
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Daily Chart - Created Using FXCM Marketscope 2.0
-- Written by Ilya Spivak Currency Strategist for DailyFX.com