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USD/CHF Technical Analysis: Candle Setup Warns of Pullback

Ilya Spivak

DailyFX.com -

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Talking Points:

  • USD/CHF Technical Strategy: Long at 0.9068

  • Support:0.9293, 0.9241, 0.9198

  • Resistance: 0.9362, 0.9406, 0.9434

The US Dollar may be preparing to correct lower against the Swiss Franc after prices put in a Harami candlestick pattern. Near-term support is at 0.9293, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 0.9241. Alternatively, a turn above the 100% Fib expansion at 0.9362 clears the way for a challenge of the123.6% threshold at 0.9406.

We entered long 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 at 0.9114, our initial objective.

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USD/CHF Technical Analysis: Candle Setup Warns of Pullback
USD/CHF Technical Analysis: Candle Setup Warns of Pullback

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


original source

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