USD/CHF: Trade ideas for August 12
Last week, the USDCHF made a rebound on the 500 EMA, where is located in the 38.2 Fibo level (0.9031), so this pair is trying to stay above the support level of 0.9063. If the USDCHF manages to make a breakout on the resistance level of 0.9081, the next target would be the level of 0.9114.
For now, the bullish outlook remains very much alive in this pair, because the USDCHF has been performing corrective movements in recent weeks, in the general bullish trend that has this pair in larger charts. However, caution should be exercised, because of the bullish divergence that is showing the CCI indicator.
Trading recommendations: Place buy orders when the USDCHF does a breakout at the resistance level of 0.9081, with take profit at the level of 0.9114.