USDCHF’s rise from 0.9548 extended further to 0.9870 level. Support is at 0.9795, as long as this level holds, upward move is expected to continue and next target would be at 0.9850-0.9900 area. However, a breakdown below 0.9795 will suggest that a cycle top is being formed on 4-hour chart, then pullback to 0.9650 area could be seen to follow.
Written by ForexCycle.com