Overview:
- USD/CHF continues moving upwards from the areas of 0.9828 and 0.9850. The pair is showing signs of strength following a breakout of the high at 0.9829. The bias remains bullish in the nearest term testing 0.9975 or higher. The pair rose from the level of 0.9828 to 0.9908. Today, resistance is seen at the levels of 0.9910, 0.9940, and 0.9980. On the other hand, the support levels are seen at 0.9828 and 0.9800. So, we expect the price will set above the strong support at the levels of 0.9828 and 0.9800 because it is in a bullish channel now. Amid the previous events, the price is still moving between the levels of 0.9830 and 0.9940. Overall, we still prefer a bullish scenario as long as the price is above the level of 0.9829. Furthermore, if the USD/CHF pair manages to break out the top at 0.9908, the market will climb further to 0.9940 and 0.9980. Alternatively, if the price closes below the double bottom of 0.9910, the best location for a stop loss order is seen above 0.9880. Hence, the price will fall into a bearish trend in order to go further towards the strong support at 0.9829 to test it.
The material has been provided by InstaForex Company – www.instaforex.com
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