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FxWirePro: USD/CHF forms Big M pattern, good to sell on rallies

Pattern Formed - Big M pattern

Potential Reversal Zone (PRZ) - 0.9740

  • USD/CHF has declined till 0.9623 after FOMC minutes released overnight shows that there will be further delay in Fed rate hike. It is currently trading at 0.9660

  • Any break above 0.9740 will take the pair to next level at 0.980/0.9840.

  • On the downside major support is around 0.9625 and any break below targets 0.9595/0.9530.

  • Overall bearish invalidation only above 0.9850 and any indicative break above targets 0.9900.

It is good to sell on rallies around 0.9665-70 with SL around 0.9740 for the TP of 0.9595/0.9535.

 

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