USD/CHF: trade idea
- USD/CHF broke resistance level 0.9300
- Next buy target - 0.9500
USD/CHF has been rising strongly from the start of this year – following the sharp upward reversal from the support zone surrounding the major support level 0.8700 (which also previously reversed the pair in March and May of 2014, as can be seen from the weekly USD/CHF chart below). The price earlier broke up above the resistance level 0.9300 (coinciding with the 50% Fibonacci Correction of the previous sharp downward price thrust from last month).
With the weekly RSI and Stochastic indicators moving in the neutral territory, the pair can be expected to rise further toward the next buy target 0.9500 (intersecting with the 61.8% Fibonacci Correction of the aforementioned preceding downward price thrust from January). Buy stop-loss can be placed below the support level 0.9300.