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FxWirePro: USDCHF forms Bullish Bat pattern, good to buy on dips
Harmonic Pattern- Bullish Bat Pattern
Potential Reversal Zone (PRZ)- 0.9800
USDCHF has halted its five days of weakness and shown a minor recovery. The pair was trading weak on account of broad-based USD selling due to weak economic data. The recent economic data such as retail sales and ISM manufacturing index comes much worse than expected. The probability of rate cut in the next meeting has increased to 93.5% compared to 73.8% one week ago, according to CME.
On the higher side, near term resistance is around 0.9900 and any break above will take the pair to next level till 0.99525/1.000. Any major trend reversal only above 1.0030.
The near-term resistance is support is around 0.9795 and bearish continuation possible only below that level. Any violation below targets 0.9725/0.968.
It is good to buy on dips around 0.9875-78 with SL around 0.9820 for the TP of 0.9990.