FxWirePro: USD/CHF upside capped by 61.8% fibo, good to buy on dips
Potential Reversal Pattern (PRZ) - 1.0160 (61.8% retracement of 1.03436 and 0.98696). USD/CHF has recovered sharply and after declining till 1.00690 on Mar 5th 2017.It is currently trading around 1.01447. The pair is fac…
Potential Reversal Pattern (PRZ) - 1.0160 (61.8% retracement of 1.03436 and 0.98696).
USD/CHF has recovered sharply and after declining till 1.00690 on Mar 5th 2017.It is currently trading around 1.01447.
The pair is facing strong trend line support around 1.0680 (trend line joining 0.98696 and 0.99636) and any minor bearishness can be seen below that level. Any break above targets 1.0000/0.99636 (Feb 16th 2017 low).
On the higher side, 1.0160 (61.8% retracement of 1.03436 and 0.98696) will be acting as major resistance and any break above will take the pair till 1.0200/1.02480 (Jan 11th high).
It is good to buy on dips around 1.0125-1.0130 with SL around 1.0690 for the TP of 1.0200/1.02480
