The current technical pattern indicates the correction of the USD/CHF currency pair. On the daily chart, a classic Head and Shoulders reversal pattern has been formed, which signals a possible drop in the USD/CHF quotes. The key support is the level of 0.98600. We recommend paying attention to this situation.
If the price fixes below 0.98600, you need to consider selling USD/CHF. The immediate goal for profit taking is the round level of 0.98000. In the medium term, the USD/CHF currency pair may reach 0.97400-0.97000. Confirmations and entry points to the market are recommended to looked for on lower timeframes. When tracking a position, one should use 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