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Trader, analyst and instructor with a 6-year experience

FBS: buy USD/CHF

We recommend buying USD/CHF at 0.9325 with an initial target of 0.9350. Support for the pair lies at 0.9280/70, while the next resistance above our target is seen at 0.9375 (38.2% Fibonacci) and 0.9400.

This week’s resilience of USD/CHF makes us suppose that the pair has formed a bottom at the last week’s low of 0.9250. However, this idea will be fully confirmed only above 0.9400. We concede that this level won't be broken at once - see the oversold market conditions. 

Pay attention to the today’s US data releases – they are expected to be favorable for the greenback. However, any news about the escalation of conflict in Syria will pressure the pair. 

 

Chart. H4 USD/CHF

CHF
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