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28.02.202013:14 Forex Analysis & Reviews: Trading plan for USD/CHF for February 28, 2020

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Technical outlook:

USD/CHF remains bearish until resistance at 1.0023 stays intact. Bears are holding the upper hand over the currency pair for now. The pair is expected to drop below 0.9500 levels and even deeper. Looking at the earlier wave structure, the USD/CHF pair had dropped from 1.0023 towards 0.9659. The recent boundary to be worked upon was between 1.0023 and 0.9615 respectively. As seen here, USD/CHF had staged a counter trend rally towards the 0.9850 levels. A bearish reaction was expected to appear around the 0.9850 zone and resume lower again. Since then, USD/CHF has dropped more than 250 pips and should be on its way to dig even further. Traders should position themselves on the short side with a stop around 0.9860 levels and a projected target below 0.9500 levels, going further.

Trading plan:

Remain short with stop at 0.9860 target is 0.9500

Good luck!

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