Overview:
- The USD/CHF pair holds above strong support at the level of 1.0189. History will repeat itself again at the level of 1.0189. This support has been rejected several times confirming strong bullish momentum. For this reason, major support is seen at the level of 1.0189 because the trend is still showing strength above it. Accordingly, the pair is still in the uptrend from the area of 1.0189 and 1.0300. The USD/CHF pair is trading in a bullish trend from the last support line of 1.0189 towards the first resistance level at 1.0266 in order to test it. This is confirmed by the RSI indicator signaling that we are still in the bullish market. Now, the pair is likely to begin an ascending movement to the point of 1.0266 and further to the levels of 1.0300 and 1.0345. The level of 1.0345 will act as second resistance so as to form a new double top. At the same time, if a breakout happens at the support levels of 1.0189, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.
