Overview:
- Depending on the previous events, the last double top has been set at the level of 0.9902 and support is placed at 0.9614. Additionally, the USD/CHF pair has been still trapped between 0.9614 and 0.9902. Besides, the key level is set at 0.9725 because it is representing strong support and is coinciding with the last weekly pivot point of USD/CHF. The double top will be formed at the 0.9902 level, but it seems the price is going to break this level in order to continue towards the level of 0.9902. The level of 0.9952 will be resistance today. Hence, the range of market will be around 241 pips this week. As it is know, history will probably repeat itself at this level again. Therefore, it will be a good sign to buy above 0.9725 with the first target of 0.9902. Furthermore, It will call for an uptrend in order to continue its bullish movement towards 0.9952. However, the stop loss should never exceed your maximum exposure amounts, thus the stop loss should be placed below 0.9614 at the price of 0.9585.
Trading recommendations:
- According to the previous events, the price of USD/CHF is going to move between 0.9614 and 0.9902 .
- Buy above the level of 0.9725 with the first target of 0.9902, it might resume to 0.9952.
