USD/CHF is near an important cluster

Given the theory of Fibonacci Clusters, the pair USD/CHF is just near such a significant cluster level. The level of 0.9880-90 corresponds to the levels of Fibo 50.0 from November 2016 and Fibo 23.6 from the September’s low of the current year.

Taking into account that this pair remains above this zone 0.9880-90, it is necessary to expect the development of the ascending dynamics with a further test of resistance levels 0.9990 and 1.0040, from which it is possible to break off.

The monthly downtrend indicates the possibility of a second test of support 0.9880-90 and, in case of berakthrough of this level, the way to the levels 0.9800 and 0.9770 will be opened. This will confirm the resumption of the total annual downward trend.

Hanzenko Anton