Price Action wise, USD/CHF just reached the upper band of the ascending formation at around 0.9592 making it a great short opportunity. Also, according to the Elliott Wave theory, USD/CHF looks like it may have finished 5 waves up (small cycle), hence a small corrective ABC cycle is expected.
If the price manages to break the ascending channel , our first target for this trade will be the previous wave (iv) around 0.95000. Breaking this area will push the price for further downside towards retesting 0.9456, and 0.9373 in extension.
If the price manages to break the ascending channel , our first target for this trade will be the previous wave (iv) around 0.95000. Breaking this area will push the price for further downside towards retesting 0.9456, and 0.9373 in extension.