Overview:
- The USD/CHF pair faced resistance at the level of 0.9724, while minor resistance is seen at 0.9666. Support is found at the levels of 0.9570 and 0.9501. Yesterday, the USD/CHF pair continued moving upwards from the level of 0.9501. The pair rose from the level of 0.9501 (the level of 0.9800 coincides with the double bottom) to the top around 0.9666. In consequence, the USD/CHF pair broke resistance, which turned into strong support at the level of 0.9570. Also, it should be noted that a daily pivot point has already set at the level of 0.9641. Equally important is that the USD/CHF pair is still moving around the key level at 0.9641-0.9666, which represents a daily pivot in the H4 time frame at the moment. The level of 0.9570 is expected to act as major support today. From this point, we expect the USD/CHF pair to continue moving in the bullish trend from the support levels of 0.9570 - 0.9641 towards the target level of 0.9724. If the pair succeeds in passing through the level of 0.9724, the market will indicate the bullish opportunity above the level of 0.9724 in order to reach the second target at 0.9797. On the other hand, if the price closes below the strong support of 0.9501, the best location for a stop loss order is seen at 0.9470.
