A price reverse and a downward correction are possible.

On the 4-hour chart, the price reached the level of 1.0101 (0% correction) which at present seems to be the key level. From here the pair can reverse and start falling towards 1.0065, 1.0033 (23.6% correction) and 0.9990 (38.2% correction). A breakout of the level of 1.0101 could lead to a further growth towards 1.0165 and 1.0300.

On the daily chart, the price is trying to consolidate above the level of 1.0065 (23.6% correction). If it succeeds, the pair can grow to the levels of 1.0165 and 1.0300. If the price reverses and breaks down the level of 1.0065, around its crossover with the 38.2% arc and 50% fan line, it can fall to 0.9920 (a strong level where 38.2% correction for the medium-term and 61.8% correction for the short-term trends coincide).

Trading tips

Short positions can be opened from the level of 1.0085 with targets at 1.0065, 1.0033, 0.9990 and stop-loss at 1.0110.

Alternative scenario

Long positions can be opened after the breakout of the level of 1.0101 with targets at 1.0165, 1.0300 and stop-loss at 1.0070.

USD/CHF: Fibonacci analysis

USD/CHF: Fibonacci analysis




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