FX.co ★ Trading plan for USD/CHF on August 31, 2020

Technical outlook:

USD/CHF has either carved a meaningful bottom around the 0.9010 level or it is on its way to print a bottom soon. The single currency pair is seen to be trading around the 0.9020 level at the moment of writing and it is expected to carve a meaningful bottom soon. The next major direction could be seen on the north side. Immediate price support is seen around the 0.9000 handle, while the short-term resistance is at the 0.9200/50 levels respectively. A break above 0.9250 would confirm that USD/CHF has carved a major bottom and bulls are back in control. Also note that USD/CHF has already hit the Fibonacci 1.618 extension or earlier drop between the 0.9900 and 0.9500 levels. It could be just a matter of time before we witness a bullish reversal.

Trading plan:

Remain long, stop @ 0.8900, target is open.

Good luck!