While USD/CHF was relatively bullish the previous week, can we expect this pattern to continue or should we see a rebound. With the upcoming "Seco Economic forecasts" (a study of forecasts of major GDP components) the CHF is looking strong at the moment. It is considered as a measure of market activity because it indicates the pace at which the Swiss economy is growing or decreasing.
Nice idea on USDCHF. We have the same bearish bias too. We have identified a resistance level at 1.0007 which is made up of 50% Fibonacci retracement and a Horizontal swing high resistance. Should price reverse from that level, there is a chance of it going to support level at 0.9917, which is made up of 61.8% Fibonacci extension , 61.8% Fibonacci retracement and a horizontal swing low support.
Please take a look at our idea and let us know what you think!
Please take a look at our idea and let us know what you think!