USD/CHF forms Bearish Bat pattern, good to sell on rallies
Harmonic pattern formed- Bearish Bat pattern
Potential Reversal Zone (PRZ) 1.03284
The pair has made a temporary bottom at 0.9543 at Nov 9th and jumped sharply from that level .It is currently trading around 1.01405.
USD/CHF breaks the minor resistance at 1.015 and jumped till 1.0194 yesterday.
The immediate resistance of USD/CHF is at 1.02260 (88.6% retracement of 1.03284 and 0.94439) and any violation confirms minor jump till 1.0270/1.03280 in the short term.
Any close above 1.03285 confirms major bullishness.
On the lower side , minor support is around 1.0120 (5- day MA) and any break below will drag the pair to next level till 1.0090/1.00370/1.000.
It is good to sell on rallies around 1.0150-1.0155 with SL around 1.0225 for 1.000
Potential Reversal Zone (PRZ) 1.03284
The pair has made a temporary bottom at 0.9543 at Nov 9th and jumped sharply from that level .It is currently trading around 1.01405.
USD/CHF breaks the minor resistance at 1.015 and jumped till 1.0194 yesterday.
The immediate resistance of USD/CHF is at 1.02260 (88.6% retracement of 1.03284 and 0.94439) and any violation confirms minor jump till 1.0270/1.03280 in the short term.
Any close above 1.03285 confirms major bullishness.
On the lower side , minor support is around 1.0120 (5- day MA) and any break below will drag the pair to next level till 1.0090/1.00370/1.000.
It is good to sell on rallies around 1.0150-1.0155 with SL around 1.0225 for 1.000