USD/CHF: buy target - 0.9800
- USD/CHF reversed from combined support zone
- Next buy target - 0.9800
USD/CHF recently reversed up sharply from the combined support zone lying between multiple support levels:0.9550, 0.9460, 100-day simple moving average, 38.2% Fibonacci Correction of the previous primary ABC correction ② from the middle of January and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern – Hammer – thereby completing the previous sharp intermediate downward impulse (1).
USD/CHF is expected to correct further up inside the active intermediate corrective wave (2) toward the next buy target at the resistance level 0.9800. Buy stop-loss can be placed below the support level 0.9550.