At the moment, the USD/CHF currency pair is consolidating near monthly highs. The current technical pattern signals a possible correction after a prolonged rally. A classic reversal pattern of the price and MACD histogram divergence has been formed in the trading instrument (H1 timeframe). At the moment, the USD/CHF quotes are testing local support and resistance levels: 0.98150 and 0.98500, respectively. We recommend paying attention to this situation.
If the price fixes below 0.98150, one should look for entry points to the market to open short positions. The immediate goal for profit taking is the demand zone of 0.97450-0.97750. In the medium term, the USD/CHF currency pair may reach the round level of 0.97000. When tracking a position, we recommend using a trailing stop.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.Open Account