Overview:
- The USD/CHF pair has rebounded from minor support at 0.9701 and it is now approaching its support in order to test it again. As it is known, we use historic rates to determine future prices, so it will probably start upside movement at this area and recovery again at the level of 0.9701. Therefore, it will be a good sign to buy at this spot with the first target at 0.9769 and continue towards 0.9826. On the other hand, if a breakout takes place at the level of 0.9659, then it will be a good location for placing stop loss below 0.9643. The value of 61.8% Fibonacci retracement was calculated at 0.9659. If the price hits 0.9659, it will continue in moving in a bearish trend towards 0.9581. It should remind you that you should check out the market volatility before investing, because the price may have already been reached and scenarios might have become invalidated.
Notes:
- We expect a range about 82 pips today.
- The risk of 41 pips must make a profit of 82 pips.
- The value of 50% Fibonacci retracement levels is 0.9580.
- The level of 0.9701 will confirm the bullish market.
Technical levels:
- It should be noted that the price will be moving between 0.9701 and 0.9783 today.
- Projected high: 0.9826.
- Strong support (sell stop): 0.9656.
- Projected low: 0.9580.
