Overview:
- The USD/CHF pair continued to move upwards from the level of 1.0220. The pair has risen from the level of 1.0219 to the top around 1.0270. The USD/CHF pair did not make any significant movements yesterday. There are no changes in our technical outlook. The bias remains bullish in the nearest term testing 1.0342 or higher. In consequence, the USD/CHF pair broke resistance at 1.0220, which turned into strong support at the level of 1.0220. The level of 1.0220 is expected to act as major support today. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish market. The price is still above the moving average (100). From this point, we expect the USD/CHF pair to continue moving in the bullish trend from the support level of 1.0220-1.0250 toward the targeted level of 1.0274. If the pair succeeds in passing through the level of 1.0274, the market will indicate an bullish opportunity above the level of 1.0274 so as to reach the second target at 1.0305. Also, it should be noted that the double top will set at the point of 1.0343. On the other hand, if the USD/CHF pair is able to break out the level of 1.0220, then you should place your stop loss at the level of 1.0180.
