Technical analysis of USD/CHF for May 02, 2018

The USD/CHF pair continues to move upwards from the level of 0.9886. Yesterday, the pair rose from the level of 0.9886 to a top around 0.9969. Today, the first resistance level is seen at 1.0011 followed by 1.0043, while daily support 1 is seen at 0.9886 (78.6% Fibonacci retracement). According to the previous events, the USD/CHF pair is still moving between the levels of 0.9923 and 1.0043; so we expect a range of 120 pips. Furthermore, if the trend is able to break out through the first resistance level at 1.0011, we should see the pair climbing towards the next target of 0.9923. Therefore, buy above the level of 0.9923 with the first target at 1.0011 in order to test the daily resistance 1 and further to 1.0043. Also, it might be noted that the level of 1.0043 is a good place to take profit because it will form a new double top on the H1 chart. On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9886, a further decline to 0.9774 can occur which would indicate a bearish market.

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