Overview:
- As expected the USD/CHF pair continues moving downwards from the level of 0.9858. Yesterday, the pair rose from the level of 0.9858 (this level of 0.9858 represents double top) to the top around 0.9907. Today, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100). So, the first resistance level is seen at 0.9922 followed by 0.9955, while daily support 1 is seen at 0.9895. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9895 and 0.9955. We expect a range of 60 pips at least on the 3rd of June 2016. If the USD/CHF pair fails to break through the support level of 0.9895, the market will rise further to 0.9955. This would suggest a bullish market because the RSI indicator is still in a positive area and is not showing any trend-reversal signs. The pair is expected to climb higher towards at least 0.9955 with a view to test the double top. On the contrary, the trend will probably rebound again from the 0.9555 level as long as this level is not breached.
