USD/CHF: next buy target
• USD/CHF broke resistance levels 0.9500 and 0.9600
• Next buy target - 0.9800
USD/CHF has been rising steadily in the last few trading sessions – in line with our earlier forecast for this currency pair. The price previously broke above the 200-day simple moving average, coinciding with the 50% Fibonacci Correction of the previous downward impulse wave ① from the start of this year. This double breakout accelerated the active intermediate (C)-wave of the primary ABC correction ② from January. This (C)-wave then broke the resistance level 0.9500 (buy target set previously for USD/CHF) – and more recently it broke the strong resistance level 0.9600 (near 61.8% Fibonacci Correction of impulse ①).
USD/CHF is expected to rise to the next buy target at 0.9800 (calculated target for the termination of wave ②).