Overview:
- Pivot point : 1.0033.
- The USD/CHF pair continues to move upwards from the level of 0.9991. The market has been trading around the spot of 1.0033 since yesterday. The pair rose from the level of 0.9991 (the level of 0.9991 coincides with a ratio of 50% Fibonacci retracement) to a top around 1.0033. The first support level is seen at 0.9991 followed by 0.9949, while daily resistance 1 is seen at 1.0093. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9991 and 1.0093; for that we expect a large range in coming hours. On the 4-hour chart, immediate resistance is seen at 1.0033 which coincides with a ratio of 61.8% Fibonacci retracement. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100). Therefore, if the trend is able to break out through the first resistance level of 1.0033, we should see the pair climbing towards the daily resistance at 1.0093 to test it. It would also be wise to consider where to place stop loss; this should be set below the second support 0.9950. Overall, the trend is still calling for a strong bullish market as long as the trend is still above the spot of 0.9949 and 0.9991.
