UsdChf Long
The upward movements in the DXY have finally started to push USD/CHF higher, albeit with a delay.
Whether this move is a correction or a trend reversal will be determined by the non-farm payroll data to be released on Friday. Until the data is released, our first target is the intersection of the main trend channel and the 38.2% Fibonacci retracement zone. If this resistance is broken, we could see an increase towards the resistance at the intersection of the previous peak and the 50% Fibonacci retracement level.
We will reassess the trend based on the non-farm payroll and hourly earnings data.
Whether this move is a correction or a trend reversal will be determined by the non-farm payroll data to be released on Friday. Until the data is released, our first target is the intersection of the main trend channel and the 38.2% Fibonacci retracement zone. If this resistance is broken, we could see an increase towards the resistance at the intersection of the previous peak and the 50% Fibonacci retracement level.
We will reassess the trend based on the non-farm payroll and hourly earnings data.
Note
We may see a corrective pullback to the support zone in the price that encountered resistance at the 38.2% level of the recent downtrend, before any upward movement. This could present a second buying opportunity for those who haven't entered a trade yet.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.