USDCHF Technical Analysis: Franc Drops to 12-Month Low, Long at 0.9068

• USD/CHF Technical Strategy: Long at 0.9068
• Support:0.9332, 0.9272, 0.9223
• Resistance: 0.9429, 0.9526, 0.9586

The US Dollar soared to a 12-month high against the Swiss Franc after turning higher as expectedhaving put in a Bullish Engulfing candlestick pattern. A daily close above the 100% Fibonacci expansion at 0.9429 exposes the 123% level at 0.9526. Alternatively, a reversal back belowthe 76.4% Fib at 0.9272 opens the door for a test of the61.8% expansionat 0.9272.

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 at 0.9114, our initial objective.