An upward movement is likely to continue.

On the 4-hour chart, the USD/CHF pair continues growing towards 0.9840 (a crossover with the 100.0% arc) and 0.9890 (100.0% correction for the short-term trend). A similar picture is on the daily chart, where the price broke out the level of 0.9700 (23.6% correction) and is growing along the 23.6% arc towards 0.9880 (0.0% correction for the medium-term trend). Thus, in the nearest future, the pair may gain back all its August losses. A new downward movement would start only if the price returns and breaks down the level of 0.9700. In this case, the target levels would be 0.9665 (61.8% correction for the short-term trend) and 0.9595 (50.0% correction for the short-term trend).

Trading tips

Buy the pair above the level of 0.9790 with targets at 0.9840, 0.9890 and stop-loss at 0.9730.

Alternative scenario

Short positions can be opened if the price consolidates below the level of 0.9700 with targets at 0.9665, 0.9595 and stop-loss at 0.9750.

USD/CHF: Fibonacci analysis

USD/CHF: Fibonacci analysis

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