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Short

USD/CHF forms Big M pattern, good to sell on rallies

FX:USDCHF   U.S. Dollar/Swiss Franc
238 1 7
Pattern Formed – Big M pattern

Potential Reversal Zone (PRZ) – 0.9740

USD/CHF             has declined till 0.9623 after FOMC minutes released overnight shows that there will be further delay in Fed rate hike. It is currently trading at 0.9660

Any break above 0.9740 will take the pair to next level at 0.980/0.9840.

On the downside major support is around 0.9625 and any break below targets 0.9595/0.9530.

Overall bearish invalidation only above 0.9850 and any indicative break above targets 0.9900.

It is good to sell on rallies around 0.9665-70 with SL around 0.9740 for the TP of 0.9595/0.9535.
Nice catch
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