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
