USD/CHF: advice for traders
By Felipe Erazo
The USDCHF has been very strong in the bullish trend above the 200 EMA, so this pair is trying to form a lower high pattern below the resistance level of 0.8989. However, the USDCHF could begin to make a retracement to the support level of 0.8959, where probably, this pair could perform a rebound and try to make a breakout at the level of 0.8989.
For now, buy orders are still valid for trading this pair, as well, the USDCHF is consolidating above the 500 EMA. If the USDCHF manages to make a breakout on the resistance level of 0.8989, the next level would be the resistance level of 0.9050. The CCI indicator remains above the -100 level.
Trading recommendations: Wait for a retracement until the 38.2 Fibo level (0.8959) for place buy orders in this pair, with take profit at the 0.9000 level.