Overview:
- The USD/CHF pair is expected to rise further from the level of 0.9781 in the long term. It should be noted that the support is established at the level of 0.9781 which represents the 38.2% Fibonacci retracement level on the daily chart. The price is likely to form a double bottom on the same time frame. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of the high at 0.9880. So, buy above the level of 0.9880 with the first target at 0.9989 in order to test the daily resistance 1 and further to 1.0065. Additionally, the level of 1.0065 is a good point to take profit. Overall, we still prefer the bullish scenario. On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9885, a further decline to 0.9778 can occur which would indicate a bearish market.
Technical levels:
- Major resistance: 1.0065
- Minor resistance: 0.9989
- Intraday pivot point: 0.9880
- Minor support: 0.9830
- Major support: 0.9781
