Is USD/CHF Ready For Another Leg Higher?

USD/CHF is trading at the 0.9161 level, but it could drop in the short term as Switzerland’s Unemployment Rate dropped unexpectedly from 3.4% to 3.3% in September. Technically, the pair was somehow expected to give birth to another upside momentum but now is premature to go long unless we’ll have a clear bullish signal.

The USD could take the lead if the US Unemployment Claims drops below expectations. USD/CHF was into a corrective phase after the most recent upwards movement, that’s why we could think that the pair could start to increase again soon.

USD/CHF has found support right on the S1 (0.9144) level and now is trading above the minor downtrend line. Still, I believe that only a valid breakout above the Pivot Point (0.9219) could really validate another leg higher.

You should know that a further drop and a new lower low, drop below 0.9133 signals further drop towards the S2 (0.9086) static support. Another false breakdown below the S1 and through the minor downtrend line, a rejection, could attract more buyers in the short term.

  • USD/CHF Trading Tips

Sell a bearish closure below 0.9133 former low. The S2 (0.9086) and 0.9056 should be used as targets.

Buy a bullish closure above the PP (0.9219) with an immediate upside target at 0.9296 high.

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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