USD/CHF: buy target - 1.0100
By: Dmitriy Chernovolov
- USD/CHF reversed from parity
- Next buy target - 1.0100
USD/CHF recently reversed down from the upper resistance trendline of the wide daily up channel from May.The subsequent downward correction today reversed up from the support zone lying between the parity and the 38.2% Fibonacci Correction of the previous upward impulse wave from the start of this month.
Given the strength of the support at parity and the fact that the pair is currently moving inside the 3rd minor impulse wave (iii) of the C-wave of the intermediate ABC correction (B) from May - USD/CHF can be expected to rise further to the next buy target at 1.0100. Buy stop-loss can be placed at half the daily ATR (Average True Range) below the parity.