Overview:
- The USD/CHF pair was trading around the area of 0.9684 - 0.9740 two days ago. Today, the level of 0.9734 represents a daily pivot point in the H4 time frame. The pair has already formed minor support at 0.9684 and the strong support is seen at the level of 0.9621 because it represents the weekly support 1. So, major support is seen at 0.9621, while immediate resistance is found at 0.9785. If the pair is not able to break below the level of 0.9734, the USD/CHF pair may resume it movement to 0.9734to test the first resistance at the price of 0.9785. From this point, we expect the USD/CHF pair to move between the levels of 0.9734 and 0.9734 in coming hours. Equally important, the RSI is still calling for a strong bullish market as the current price is also still above the support levels of 0.9734 and 0.9684. We expect the USD/CHF pair to continue moving in the bullish trend from the support level of 0.9734 towards the target level of 0.9785. If the pair succeeds in passing through the level of 0.9785, the market will indicate the bullish opportunity above the level of 0.9785 in order to reach the second target at 0.9857. Another resistance level is seen at 0.9898. On the other hand, stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss below the last bearish wave at the level of 0.9600.
