USD/CHF 4 Hour: Testing 23% Fibonacci Level at 0.9704
Suggested positioning: Short position below 0.9730 with targets at 0.9640 and 0.9510 in extension
Technical reasons why: The pair broke below our pivot levels of 0.9730 and 0.9803 and currently testing our first bearish target of 0.9638 while entering the Ichimoku cloud. A Break below the Ichimoku cloud can bring us to next targets at 0.9580 and 0.9515 in extension.
Alternative Scenario: Above 50% Fibonacci level of 0.9803 look for more upside towards 0.9876 and 1.008.
Where to set your stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 0.9580 | 0.9730 | 0.9879 |
| 0.9515 | 0.9803 | 1.008 |
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