USD/CHF: sell target – 0.9060
By: Dima Chernovolov
- USD/CHF reversed from resistance level 0.9350
- Next sell target – 0.9060
USD/CHF recently reversed sharply down from the resistance level 0.9350 (coinciding with the 38.2% Fibonacci Correction of the previous sharp downward impulse wave 1 from April). The previous impulse wave earlier broke through the strong support level 0.9500 and the 200-day moving average (as you can see below) – thereby giving strong bearish signal. The latest downward reversal from the resistance level 0.9350 completed the previous minor correction 2 and starting the active impulse wave 3.
USD/CHF is likely to fall further toward the next sell target at the support level 0.9060 (which reversed the previous minor impulse wave 1).