USD/CHF reversed from strong support level 0.9500
By: Dmitriy Chernovolov
- USD/CHF reversed from strong support level 0.9500
- Next buy target - 0.9650
USD/CHF recently reversed up from the strong support level 0.9500, which is the second of the two sell targets set in our previous forecast for this currency pair (0.9550 and 0.9500). The support level 0.9500 also previously reversed the earlier sharp minor corrective wave 4 in the middle of October, as can be seen from the daily USD/CHF chart below. The support zone near the support level 0.9500 was strengthened by the lower daily Bollinger Band.
With the daily Stochastic still moving in the oversold area - USD/CHF can be expected to correct up from the current levels toward the next buy target at the resistance level 0.9650.