USD/CHF forms Big M pattern, good to sell on rallies
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.
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.
