FX.co ★ Trading plan for USDCHF for August 27, 2020

Technical outlook:

USDCHF is preparing to produce a bullish reversal towards 0.9500 and 0.9900 levels respectively over the next several weeks. The single currency pair is seen to be trading around 0.9095 levels at this point in writing and is expected to drop towards 0.9060 before it could rally further. It is vital for USDCHF to stay above 0.9010 to keep the bullish structure intact. The recent boundary which is being worked upon is between 0.9010 and 0.9161. Furthermore, prices have already bounced off the Fibonacci 0.618 support around 0.9060 (not seen on the daily chart here). Immediate support is seen around 0.9010, while resistance is intact around 0.9161 levels. A break above 0.9160 will accelerate the proposed rally.

Trading plan:

Remain long, stop @ 0.9000, target above 0.9500, 0.9900.

Good luck!