USD/CHF Fibonacci analysis: 0.9940 as a key level for buyers

USD/CHF Fibonacci analysis: 0.9940 as a key level for buyers

There is a strong bearish bias in the USD/CHF and it has been forming a channel since mid-July. Now, the target is placed in the Fibonacci expansion levels of 100% and 123.6%, which corresponds to the 0.9941 and 0.9399 levels respectively. Such forecast is strengthened by the RSI indicator that shows oversold conditions.

Around that Fibonacci’s area, the pair could start to rebound in three of five waves, towards the 200 SMA at H1 chart around 0.9580.

USDCHFmH1.png

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