FXStreet notes that USD/CHF posted a bullish ‘key reversal day’ yesterday to suggest a deeper correction to the upside. The pair appreciates nearly 0.1% so far today to 0.9520, approaching the top of the last 12 days trading range at 0.9553 which ideally caps, per Credit Suisse.
“USD/CHF saw a sharp reversal higher on Monday, posting a bullish ‘key reversal day’ to suggest we might see further corrective upside in the near-term, which ideally is then capped by 0.9553.”
“Post the corrective phase, we look for weakness to resume, with support seen initially at 0.9508, then 0.9479, ahead of 0.9442/33 and 0.9425/20, where we expect to see a first attempt to hold. Removal of here would then expose the current June low at 0.9376, beneath which would see the recently completed ‘hammer’ candlestick negated and we would then expect to see another leg lower. Support is seen thereafter at the 78.6% retracement of the March 2020 surge at 0.9337/21, where we also could see fresh buyers at first.”
“Above 0.9553 in contrast would see a minor base established to suggest a deeper correction higher, with next key resistance area seen at 0.9628/51.”
© 2000-2020. All rights reserved.
This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at email@example.com.