USD/CHF: Trade ideas for September 05
The USDCHF is trying to form a higher high pattern above the support level of 0.9293 (23.6 Fibo level), so this pair could rise to the resistance level of 0.9348 in the coming hours. If the USDCHF manages to make a breakout at that level, it would be expected to rise to the level of 0.9407.
Furthermore, the USDCHF may start to perform retracement support level of 0.9270 (38.2 Fibo level). This pair is likely to make a rebound on that area and up towards the resistance level of 0.9407 in the medium term (100.0 Fib extension level).
Trading recommendations: Put buy orders if the USDCHF does a breakout at the resistance level of 0.9329, with take profit at 0.9407.