Overview:
- The USD/CHF pair has broken resistance at the level of 0.9795 which acts as support now. Thus, the pair has already formed minor support at 0.9815. The strong support is seen at the level of 0.9795 because it represents the daily support 1. Equally important, the RSI and the moving average (100) are still calling for an uptrend. Therefore, the market indicates a bullish opportunity at the level of 0.9815 - 0.9795 on the H4 chart. So, we are looking for a strong bullish market as long as the trend is still above the level of 0.9795. Consequently, buy above the minor support of 0.9796 with the first target at 0.9877 and continue towards 0.9907. On the other hand, if the price closes below the major support (0.9795), then the best location for the stop loss order is seen below 0.9760. Hence, the price will fall into the bearish market in order to go further towards the strong support at 0.9735 to test it again. Furthermore, the level of 0.9651 will form a double bottom.
