Candlestick pattern formed- Shooting star
Potential Reversal Zone (PRZ) –1.01225
USD/CHF has shown a huge selling pressure after hitting a high of 1.01187 yesterday. Intraday bias is weak but near term outlook remains bullish as long as support 0.99297 holds. It is currently trading around 1.00109.
The minor weakness can be seen below 1.0000 (100- day EMA) and any break below will drag the pair till 0.9950/0.99297 (Feb 8th low).Major weakness can be seen only below 0.98600.The minor support is around 1.00380 (55- day EMA)/1.00180.
On the higher side, 1.01225 will be acting as immediate resistance and any break above this level will take the pair till 1.01588 (61.8% retracement of 1.03435 and 0.98611)/1.0200.
Short term weakness only below 0.98600 level.
It is good to sell on rallies around 1.00450 with SL around 1.0120 for the TP of 0.9935/0.9880
Potential Reversal Zone (PRZ) –1.01225
USD/CHF has shown a huge selling pressure after hitting a high of 1.01187 yesterday. Intraday bias is weak but near term outlook remains bullish as long as support 0.99297 holds. It is currently trading around 1.00109.
The minor weakness can be seen below 1.0000 (100- day EMA) and any break below will drag the pair till 0.9950/0.99297 (Feb 8th low).Major weakness can be seen only below 0.98600.The minor support is around 1.00380 (55- day EMA)/1.00180.
On the higher side, 1.01225 will be acting as immediate resistance and any break above this level will take the pair till 1.01588 (61.8% retracement of 1.03435 and 0.98611)/1.0200.
Short term weakness only below 0.98600 level.
It is good to sell on rallies around 1.00450 with SL around 1.0120 for the TP of 0.9935/0.9880
