Reference to: https://www.bloomberg.com/news/articles/2020-02-04/trump-administration-clears-way-for-new-currency-tariffs
With the new rule in place, US is expected to wield more muscle in strengthening its dollar using manual intervention. This speculative news might be fuel for the USD pegged currencies like USDCHF towards the bullish side over time.
Analysis:
The Daily chart shows a potential Bullish Bat forming overtime for price to push lower into the RSI oversold area before a turn confirms the Bullish trend up.
Pt X: 0.9622
Pt B: 0.9841
Pt C: 0.9976
The trade engagement should start at 0.9714 if more bullish candles complete at PRZ. The RR is nearly 1:1 (0.9) for TP1 and TP2 is about 1.55.
TP1: 0.9821
TP 2: 0.9898
SL: 0.9595
Ideally, the pattern should complete itself before 11 Mar 2020.
