Overview:
- The USD/CHF pair continues to move downwards from the level of 0.9728. Yesterday, the pair dropped from the level of 0.9728 to the bottom around 0.969. But the pair has rebounded from the bottom of 0.969 to reach the price of 0.9705. Today, the first support level is seen at 0.9681, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.9681, which coincides with the 23.6% Fibonacci retracement level. This resistance has been rejected several times confirming the validity of an uptrend. Additionally, the RSI starts signaling an uptrend trend. As a result, if the USD/CHF pair is able to break out the first resistance at 0.9707, the market will rise further to 0.9750 in order to test the weekly resistance 2. Consequently, the market is likely to show signs of a bullish trend. So, it will be good to buy above the level of 0.9707 with the first target at 0.9750, 0.9780 and further to 0.9818 in order to test the double top. However, stop loss is to be placed above the level of 0.9639.
The material has been provided by InstaForex Company – www.instaforex.com
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