Overview:
- Last week, the USD/CHF pair has broken resistance at the level of 0.9942, which acts as support now. So, the pair has already formed minor support at 0.9942. The strong support is seen at the level of 0.9898 because it represents the weekly pivot. In the H1 time frame, the RSI and the moving average (100) are still pointing to the upside. Therefore, the market indicates a bullish opportunity at the level of 0.9942. Buy above the minor support of 0.9942 with targets at the levels of 1.0050 and 1.0100. Also, it should be noted that if the trend is buoyant, then the currency pair strength will be defined as follows: USD is in an uptrend and CHF is in a downtrend. On the other hand, if the pair closes below the minor support (0.9942), the price will fall into the bearish market in order to go further towards the strong support at 0.9898.
Trading recommendations:
- The minor support is seen at the level of 0.9942, it will be profitable to buy above the spot of 0.9940 with the targets of 0.9998, 1.0050 and 1.0100. However, the stop loss should be placed at the 0.9898 price.
