USD/CHF: sell target - 0.9900
By: Dmitriy Chernovolov
- USD/CHF reversed from strong resistance zone
- Next sell target - 0.9900
USD/CHF has been falling strongly in the last few trading sessions – following the earlier downward reversal from the resistance zone surrounding the major, long-term resistance level 1.0200 (which previously reversed the price sharply at the start of 2015 and also in November of 2015, as you can see from the weekly USD/CHF chart below). If the price closes this week near the current levels – it will form the 3rd consecutive weekly reversal pattern Bearish Engulfing.
USD/CHF is currently approaching the parity. If the pair breaks below the parity - USD/CHF will then, most likely, fall to the next sell target at the support level 0.9900.