USD/CHF: Trade ideas for July 29
The USDCHF could start to make a big retracement in the next few days, as this pair has found strong resistance at the 0.9513 level and overbought levels are starting to appear in bigger timeframes. The USDCHF may fall to the support level of 0.8930 in the medium term, where the 500 EMA is located, although this could be confirmed when that pair makes a breakout in the support level of 0.9005 (23.6 Fibo level).
In the 61.8 Fibo level (0.8930), the USDCHF may perform a bullish rebound and return to the road in the long term, so the bullish force could be present at that Fibo level. However, a breakout in the support level of 0.8930, could lead to the USDCHF to fall to the level of 0.8898, which could begin a bearish trend in the medium-long term.
Trading recommendations: We don't recommend to put buy orders at the moment, because the USD/CHF could perform a bearish retracement soon. Anyway, if you want to sell, wait for a bearish pattern for put short orders until the 0.8953 (TP1) and 0.8930 (TP2).