USD/CHF Trade Idea

Pattern Formed - Big M pattern

Potential Reversal Zone (PRZ) - 0.9740

• USD/CHF has declined till 0.9623 after FOMC minutes released overnight shows that there will be further delay in Fed rate hike. It is currently trading at 0.9660
   
• Any break above 0.9740 will take the pair to next level at 0.980/0.9840.
   
• On the downside major support is around 0.9625 and any break below targets 0.9595/0.9530.
   
• Overall bearish invalidation only above 0.9850 and any indicative break above targets 0.9900.

It is good to sell on rallies around 0.9665-70 with SL around 0.9740 for the TP of 0.9595/0.9535.

Resistance

R1- 0.9680

R2-0.9725

R3- 0.9750

Support

S1-0.9620

S2-0.9560

S3-0.9530