Overview:
- The USD/CHF pair broke resistance, which turned into strong support at the level of 0.9611 last week. The level of 0.9611 coincides with the last bearish wave, which is expected to act as major support today. Since the trend is above the 0.9611 level, it means the market is still in an uptrend. From this point, the USD/CHF pair is continuing in a bullish trend from the new support of 0.9611. Currently, the price is in a bullish channel. According to the previous events, we expect the USD/CHF pair to move between 0.9611 and 0.9707. On the H1 chart, resistance is seen at the levels of 0.9707 and 0.9748. Also, it should be noted that, the level of 0.9657 represents the daily pivot point. Therefore, strong support will be formed at the level of 0.9611 providing a clear signal for buy deals with the targets seen at 0.9657. If the trend breaks the support at 0.9757 (minor resistance) the pair will move upwards continuing the development of the bullish trend to the level 0.9707 and 0.9748 in order to test the daily resistance 2. However, stop loss is to be placed below the level of 0.9577.
The material has been provided by InstaForex Company – www.instaforex.com
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