Overview:
- The USD/CHF pair broke support which turned to strong resistance at the level of 0.9766 last week. The level of 0.9766 coincides with 50% of Fibonacci, which is expected to act as major resistance today. Since the trend is below the 50% Fibonacci level, the market is still in a downtrend. From this point, the USD/CHF pair is continuing in a bullish trend from the new support of 0.6615. Currently, the price is in a bullish channel. According to the previous events, we expect the USD/CHF pair to move between 0.9766 and 0.9648. On the H1 chart, resistance is seen at the levels of 0.9766 and 0.9648. Besides, it should be noticed that, the level of 0.6678 represents the daily pivot point. Therefore, strong resistance will be formed at the level of 0.9766 providing a clear signal to sell with the targets seen at 0.9704. If the trend breaks the support at 0.9704 (first support) the pair will move downwards continuing the development of the bearish trend to the level 0.9676 in order to test the daily support 2. What is more, it should be noted that major support is seen at the price of 0.9648. However, stop loss is to be placed above the level of 0.9794.
The material has been provided by InstaForex Company – www.instaforex.com
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