Harmonic pattern formed – Bearish Cypher pattern
Potential Reversal Pattern (PRZ)- 1.01400
USD/CHF has formed potential Bearish Cypher pattern which is expected to be completed at 1.01160 level . It is currently trading around 1.00915.
Swiss franc slightly recovered after positive Swiss Manufacturing PMI . Swiss PMI came at 57.8 compared to forecast of 55.5. CHF recovered till 1.00882 after making a high of 1.0108. Market awaits U.S ISM manufacturing PMI for further direction.
The pair has formed temporary top around 1.01405 and any minor bullishness can be seen above that level. Any break above targets 1.0160 (61.8% retracement of 1.03436 and 0.98696)/1.0200.
Minor bullishness can be seen only above 1.02480.
On the lower side, 1.0065 (200- HMA) will be acting as major intraday support and any break below will drag the pair till 1.000/0.9965 (Feb 16th low).
It is good to sell on rallies around 1.010-1.0103 with SL around 1.0420 for the TP of 1.000.
Potential Reversal Pattern (PRZ)- 1.01400
USD/CHF has formed potential Bearish Cypher pattern which is expected to be completed at 1.01160 level . It is currently trading around 1.00915.
Swiss franc slightly recovered after positive Swiss Manufacturing PMI . Swiss PMI came at 57.8 compared to forecast of 55.5. CHF recovered till 1.00882 after making a high of 1.0108. Market awaits U.S ISM manufacturing PMI for further direction.
The pair has formed temporary top around 1.01405 and any minor bullishness can be seen above that level. Any break above targets 1.0160 (61.8% retracement of 1.03436 and 0.98696)/1.0200.
Minor bullishness can be seen only above 1.02480.
On the lower side, 1.0065 (200- HMA) will be acting as major intraday support and any break below will drag the pair till 1.000/0.9965 (Feb 16th low).
It is good to sell on rallies around 1.010-1.0103 with SL around 1.0420 for the TP of 1.000.
