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FxWirePro: USDCHF forms triple top around 1.010, good to sell on rallies

Chart pattern-Triple top

 

Major resistance- 1.01285

 

USDCHF has once again declined after hitting high of 1.00994 in previous week. It has formed almost a triple top near 1.0100 level. The pair was trading higher for three consecutive week and jumped nearly 195 pips in past one month on improving market risk sentiment. It has broken major support 1.0040 and is currently trading around 1.00349.

 

The near term support is around 1.00120 (23.6% fib) and any break below targets 0.9977/0.9950.It should break below 0.9900 for further weakness.

 

The major intraday resistance is around 1.0100 and any violation above targets 1.01285 (Nov 13th 2018). Any convincing break above 1.0130 confirms bullish continuation and a jump till 1.0170/1.0340 likely.

 

It is good to sell on rallies around 1.0050 with SL around 1.010 for the TP of 0.9950.

 

 

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