Overview:
- Today, the USD/CHF pair broke resistance at the level of 0.9600, which is acting as support now. Thus, the pair formed minor support at 0.9600. The strong support is seen at the level of 0.9560 because it represents the weekly support 1. Equally important is that the RSI and the moving average (100) are still calling for an uptrend. Therefore, the market indicates a bullish opportunity at the level of 0.9600 on the H1 and H4 charts. Also, if the trend is buoyant, then the currency pair's strength will be defined as the following: USD is in an uptrend and CHF is in a downtrend. Buy above the minor support of 0.9600 with the first target at 0.9631 (this price is coinciding with the ratio of the 50% Fibonacci), and continue towards 0.96660 (the weekly resistance 1). On the other hand, if the price closes below the minor support, the best location for the stop loss order is seen below 0.9560. Hence, the price will fall into the bearish market in order to go further towards the strong support at 0.95000 to test it again. Furthermore, the level of 0.9500 will form a double bottom.
