Overview:
- The USD/CHF pair has found strong support at the level of 0.9769 and resistance is seen at 0.9900 today. Equally important, the price has still been trading around the key level at 0.9842 (the double top) since yesterday. Moreover, the USD/CHF pair is trying to break the ratio of 100% of Fibonacci retracement levels in the H4 chart. The RSI calls for an uptrend. As a result, the price has already formed the strong level at the spot of 0.9842. Now, it is approaching it in order to break it to continue moving towards the next objective target around the area of 0.9900. Therefore, the USD/CHF pair is expected to gain upside rather convincing momentum and the structure of a rise does not look corrective. To indicating a bullish opportunity above 0.9842, buy above 0.9842 with the first target at 0.9900 to form a new double top.
Observations:
- The daily pivot point will set at the level of 0.9825.
- The level of 0.9825 will call for an uptrend to continue its bullish movement towards 0.9900.
- We expect a range between 0.9825 and 0.9900.
