Overview:
- The USD/CHF pair has rebounded from minor support at 0.8860 and it is now approaching its support in order to test it again. As it is known, we use historic rates to determine future prices, so it will probably start upside movement at this area and recovery again at the level of 0.8860. Therefore, it will be a good sign to buy at this spot with the first target of 0.8930, and continue towards 0.8980.
- On the other hand, if a break at the 0.8830 level, then it will be a good location for placing stop loss below 0.8830. The value of 50% Fibonacci retracement was calculated at the price of 0.8830. If the price hits 0.8830, it will continue in bearish market towards 0.8763. It should remind you that you should check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.
