FX.co ★ blaise.rogahn | USD/CHF

Today USD/CHF pleased me by making exactly the move I had planned to see. The price fell to the key target level of 61.8% (0.7950) Fibonacci retracement. At first it wasn’t tested, they only approached it, but then they still reached it and, after the test, reversed into a pullback. After this, two possibilities open up. USD/CHF can rise to the 50% (0.8380) resistance of the weekly Fibonacci retracement, thus continuing the main corrective move. The second option is that USD/CHF falls and breaks through the 61.8% level that it tested today. The decline brings the pair to the weekly support level of 14.6% at 0.7930, and from there a correction upward may continue to develop.