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24.02.202014:55 Forex Analysis & Reviews: Trading plan for USD/CHF for February 24, 2020

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Technical outlook:

USD/CHF might have completed its counter-trend rally around 0.9850 levels last Friday. Please note that the recent boundary that is being worked upon is between 1.0023 and 0.9613 levels respectively. Since then we can see a 3-wave counter-trend rally probably terminating around 0.9850. USD/CHF bulls are still shy of touching the fibonacci 0.618 retracement by just a just a few pips and an Evening Star candlestick pattern has just appeared on the daily chart, which could be a potential bearish reversal signal. Immediate support is seen at 0.9840 and a break below that would confirm that bears are in control and USD/CHF is expected to print lower lows and lower highs from here on. Please note that resistance is at 1.0023 levels and it should remain intact for the above bearish structure to remain intact. Going further, USD/CHF should drop below 0.9500 levels before producing a meaningful rally.

Trading plan:

Remain short from 0.9795, stop above 1.0023, target is open.

Good luck!

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