Overview:
- The USD/CHF pair set above strong support at the level of 0.9597, which coincides with the daily pivot. This support has been rejected for three times confirming uptrend veracity. Hence, major support is seen at the level of 0.9597 because the trend is still showing strength above it. Accordingly, the pair is still in the uptrend from the area of 0.9597 and 0.9615. The USD/CHF pair is trading in a bullish trend from the last support line of 0.9597 towards the first resistance level at 0.9724 in order to test it. This is confirmed by the RSI indicator signaling that we are still in the bullish market. Now, the pair is likely to begin an ascending movement to the point of 0.9724 and further to the level of 0.9796. The level of 0.9796 will act as second resistance and the double top is already set at the point of 0.9888. At the same time, if a breakout happens at the support levels of 0.9597 and 0.9590, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario today.
Intraday key levels:
- Resistance 3:0.9866
- Resistance 2:0.9796
- Resistance 1:0.9724
- Pivot Point:0.9597
- Support 1:0.9500
- Support 2:0,9460
- Support 3:0,9400
