Overview:
- The USD/CHF pair couldn't break the strong support at the level of 0.9678 yesterday. The level of 0.9678 coincides with 50% of Fibonacci, which is expected to act as major support today. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend. From this point, the USD/CHF pair is continuing in a bullish trend from the new support of 0.6615. Currently, the price is in the bullish channel. According to the previous events, we expect the USD/CHF pair to move between 0.9678 and 0.9798. On the H1 chart, resistance is seen at the levels of 0.9768 and 0.9798. Also, it should be noticed that, the level of 0.9715 represents the daily pivot point. Therefore, strong support will be formed at the level of 0.9678 providing a clear signal to buy with the targets seen at 0.9715. If the trend breaks the support at 0.9715 (first resistance) the pair will move upwards continuing the development of the bullish trend to the level of 0.9768 and 0.9798 in order to test the daily resistance 2. However, the stop loss should be placed below the second support of 0.9640.
