USD/CHF: buy target - 1.0000
By: Dmitriy Chernovolov
- USD/CHF reversed from support zone
- Likely to rise to 1.0000
USD/CHF recently reversed up from the support zone lying between the support level 0.9800 (former strong resistance from September), lower daily Bollinger Band and the Fibonacci cluster made out of the 61.8% Fibonacci Correction of the previous impulse (iii) from October and the 50% Fibonacci Correction of the longer-term upward impulse from August. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Hammer.
USD/CHF is likely to rise further in the active impulse waves 3 and (3) toward the next buy target at the parity. Buy stop-loss can be placed below the support level 0.9800.