Overview:
- The USD/CHF pair movement was controversial as it took place in a narrow sideways channel, but the trend showed signs of stability in the bullish market. Amid the previous events, the price is still moving between the levels of 0.9842 and 0.9909. Besides, the daily resistance and support are seen at the levels of 0.9909 and 0.9842 respectively. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed. The market moved from its bottom at 0.9860 and continued to rise towards the top of 0.9906. But the pair has rebounded from the top of 0.9909 to close at 0.9771. Today, on the one-hour chart, the current rise will remain within a framework of correction. However, if the pair succeeds to pass through the level of 0.9909, the market will indicate a bullish opportunity above the major resistance level of succeeds (the level of 6558 coincides with the double top too). Since there is nothing new in this market, it is not bearish yet. Buy deals are recommended above the level of 0.9909 with the first target at 0.9933. If the trend breaks the first resistance level of 0.9933, the pair is likely to move upwards continuing the development of a bullish trend to the level 0.9960 in order to form a new double top in the same time frame.
