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- USD/CHF Technical Strategy: Long at 0.9068
- Support:0.9089-0.9114, 0.9034, 0.8994
- Resistance: 0.9175, 0.9223, 0.9272
The US Dollar rallied against the Swiss Franc as expected after prices produced a Bullish Engulfing candlestick pattern at trend line support. A daily close above the 38.2% Fibonacci expansion at 0.99175 exposes the 50% level at 0.9223. Alternatively, a turn below support in the 0.9089-0.9114 area marked by the August 5 close and the 23.6% Fib and the clears the way for a challenge of a rising trend line set from early May, now at 0.9034.
We bought USDCHF at 0.9068 and 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