Overview:
- The USD/CHF pair broke resistance which turned штto strong support at the level of 0.9789 yesterday. The level of 0.9789 coincides with a golden ratio (61.8% of Fibonacci), which is expected to act as major support on the H4 chart today. Yesterday, the USD/CHF pair continued to move upwards from the level of 0.9789. The pair rose from the level of 0.9789 to the top around 0.9904. Also, it should be noted that the current price is seen at 0.9870. The RSI is still signaling that the trend is upward as it is still strong above the moving average (100). This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.9850 with the first target at the level of 0.9900. From this point, the pair is likely to begin an ascending movement to the point of 0.9925 and further to the level of 0.9955. The level of 0.9955 will act as strong resistance and the double top is already set at the point of 0.9955. On the other hand, if a breakout happens at the support level of 0.9789, then this scenario may become invalidated.
