USD/CHF: trade recommendation
By Felipe Erazo
At the H4 chart, USD/CHF has consolidated above the 200 and 500 EMA, so far, this pair is making corrective movements with intentions of forming a lower high pattern. It is very likely that this pair fall to the support level of 0.8907 (50.0 Fibo level). If USD/CHF falls to that level, this pair could perform a bullish rebound and follow the current bullish bias.
On the other hand, if USD/CHF manages to make a breakout in the support level of 0.8895 (61.8 Fibo level), it is expected to fall to the level of 0.8856, which would invalidate our bullish outlook for this pair. For now, we recommend following the current bullish trend in USD/CHF, so, sell orders are not recommendable at the moment.
Trading recommendations: Place buy orders if USD/CHF does a bullish rebound at the support level of 0.8907, with take profit at 0.8970 and 0.9009 levels.
Chart. H4 USD/CHF