Overview:
- The USD/CHF pair continues to move upwards from the level of 0.9693. There are no changes in my technical outlook. The bias remains bullish in nearest term testing 0.9800 or higher. The market has been trading around the spot of 0.9693 since last week. The pair rose from the level of 0.9693 (the level of 0.9693 coincides with a ratio of 78.6% Fibonacci retracement) to a top around 0.9733. The first support level is seen at 0.9693 followed by 0.9639, while daily resistance 1 is seen at 0.9763. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9693 and 0.9763; for that, we expect a large range in coming hours.
- On the 1-hour chart, immediate resistance is seen at 0.9763 which coincides with the double top. 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 0.9763, we should see the pair climbing towards the second daily resistance at 0.9800 to test it.
- It would also be wise to consider where to place stop loss; this should be set below the second support 0.9639. Overall, the trend is still calling for a strong bullish market as long as the trend is still above the spot of 0.9693 and 0.9639.
