USD/CHF: trade idea
- USD/CHF broke resistance level 0.9800
- Next buy targets - 1.0000 and 1.0200
USD/CHF has been rising strongly in the last few weeks – recently breaking above the resistance level 0.9800, which was set as the buy target in our earlier forecast for this currency pair. The breakout of this resistance level further accelerated the active minor impulse wave 3 of the sharp intermediate (C)-wave of the second primary ABC correction ② from the middle of January.
The breakout of the resistance level 0.9800 coincided with the breakout of the 78.6% Fibonacci Retracement level of the previous downward impulse from January – which heightens the likelihood the pair will retrace back the whole length of this impulse in the coming trading sessions. USD/CHF is likely to rise to the next buy targets – 1.0000 and 1.0200 (the start of the aforementioned downward impulse).