Upward movement is likely to continue.

The arcs and levels of Fibonacci for the short-term trend cross at the level of 0.9350 (level 50.0%, arc 38.2%). The price is near the intersection point. It has repeatedly tested the arc 38.2%, which acts as the resistance level, but failed to break it down. Nevertheless, the level  0.9350 seems as the key one and breakdown of this level will trigger the rise in price to 0.9392, 0.9455 and 0.9532. On the daily chart the price has broken down the arc 23.6% and is now testing the level of 23.6% at 0.9350. The nearest resistance levels are 0.9450-0.9585.

Trading tips

Buy the pair after breakdown and consolidation of the price above the level of 0.9350 with the targets of 0.9450 and 0.9532.

Alternative scenario

Rebound from the level of 0.9350 and consolidation of the price below the level of 0.9305 will enable the price to go down to 0.9250 and 0.9160.

USD/CHF: Fibonacci levels analysis

USD/CHF: Fibonacci levels analysis




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