USD/CHF: buy target - 0.9800
By: Dmitriy Chernovolov
- USD/CHF reversed from support zone
- Next buy target - 0.9800
USD/CHF recently reversed up from the support zone lying between the support level 0.9670 (which previously reversed the earlier minor impulse wave 1 in February), the lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp primary impulse wave ① from the middle of 2015. The upward reversal from this support zone stopped the active minor impulse wave 3 from the start of this month.
Given the oversold reading on the daily Stochastic indicator - USD/CHF can be expected to rise from the current levels toward the next buy target at the resistance level 0.9800. Buy stop-loss can be placed below the aforementioned support level 0.9670.