Overview:
- The USD/CHF pair has broken a major resistance at the level of 0.9986 last week. It should be noted that the new resistance was calculated and found at the level of 1.0065 and it is now approaching it in order to test it. Besides, the 0.9986 price has become a strong support which coincides with the ratio of 50% Fibonacci retracement levels. So, the USD/CHF pair will be limited by the levels of 0.9980 and 1.0065, so we expect a range of approximately 67 pips today. The support will be set around the area of 0.9986. Therefore, it will be of the insight to buy above the level of 0.9986 with the first target of 1.0035. If the trend breaks the first target (1.0035), it might resume to 0.9065 . Furthermore, the double top will be set at the level of 1.0073. Stop loss should never exceed your maximum exposure amounts. So, stop loss should be placed below the 0.9945 level.
