Overview:
- The USD/CHF pair faced resistance at the level of 0.9684, while minor resistance is seen at 0.9622. Support is found at the levels of 0.9574 and 0.9521. Pivot point has already been set at the level of 0.9622. Equally important, the USD/CHF pair is still moving around the key level at 0.6750, which represents a daily pivot in the H1 time frame at the moment. Yesterday, the USD/CHF pair continued moving upwards from the level of 0.9574. The pair rose to the top around 0.9574 from the level of 0.9622 (coincides with the ratio of 23.6% Fibonacci retracement). In consequence, the USD/CHF pair broke resistance, which turned into strong support at the level of 0.9574. The level of 0.9574 is expected to act as the major support today. We expect the USD/CHF pair to continue moving in the bullish trend towards the target levels of 0.9684 and 0.9735. On the downtrend: If the pair fails to pass through the level of 0.9735, the market will indicate a bearish opportunity below the level of 0.9735. So, the market will decline further to 0.9622 and 0.9574 to return to the daily support. Moreover, a breakout of that target will move the pair further downwards to 0.9521 in order to form the double bottom. On the other hand, if a breakout happens at the support level of 0.9521, then this scenario may be invalidated.
