Overview :
- According to the previous events, the USD/CHF pair has still been moving between 0.9850 and 0.9790. So we expect a large range about 60 pips in the coming hours. The breakout seen at the ratio of 78.6% Fibonacci retracement level (the double bottom in the daily chart) for that the key level is set at the level of 0.9741 because it represents strong support and coincides with the 78.6% Fibonacci retracement level. As it is known, history will probably repeat itself at this level again. Therefore, it will be a good sign to buy above 0.9741 with the first target of 0.9848 in order to test the double top. It will call for uptrend in order to continue its bullish movement towards 0.9888. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently, the stop loss should be placed below the double bottom at the price of 0.9741.
The material has been provided by InstaForex Company - www.instaforex.com
