After a small corrective wave down over the past few days,
the USD/CHF uptrend still remains valid. The Fibonacci applied to the ascending
channel breakout point shows that all the resistance levels were broken
although all the supports were holding while the pair was moving up.
The current corrective wave down could be providing another
opportunity to buy USD/CHF near the S2 (0.9608) support level that has been
rejected previously alongside the uptrend trendline. Consider buying USD/CHF
today or at the beginning of the next week while it is near S2, targeting the R2
(0.9888) resistance level. Only a daily close below the low produced at S3 –
0.9523 would most definitely change the direction of the trend.
Support: 0.9608, 09542
Resistance: 0.9673, 0.9755, 0.9888
The material has been provided by InstaForex Company – www.instaforex.com