USD/CHF profit target is reached perfectly again, remain bullish for a further rise

The price has bounced up absolutely perfectly from our buying level and has reached our profit target. We remain bullish looking to buy above 0.9621 support (Fibonacci retracement, horizontal overlap support) for a further push up to at least 0.9682 resistance (Fibonacci extension, horizontal overlap resistance).

Stochastic (55,5,3) is seeing nice support above 2.7% where we have seen a nice bounce from and also good upside potential.

Correlation Analysis: EUR/USD and USD/CHF are strongly negatively correlated. Hence it is good that we expect a bounce on USD/CHF and a drop on EUR/USD as this shows that they are moving in tandem.

Buy above 0.9621. Stop loss is at 0.9593. Take profit is at 0.9682.


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