Overview:
- The USD/CHF pair broke resistance which turned to strong support at the level of 0.9753 yesterday. The level of 0.9753 coincides with 61.8% of Fibonacci, which is expected to act as major support today. Since the trend is above the 61.8% 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 a bullish channel. According to the previous events, we expect the USD/CHF pair to move between 0.9753 and 0.9818. On the H1 chart, resistance is seen at the levels of 0.9798 and 0.9818. Also, it should be noticed that, the level of 0.9781 represents the daily pivot point. Therefore, strong support will be formed at the level of 0.9753 providing a clear signal to buy with the targets seen at 0.9781 (pivot). If the trend breaks the price of 0.9781 the pair will move upwards continuing the development of the bullish trend to the level 0.9818 in order to test the double top. However, stop loss is to be placed below the level of 0.9733.
