The USD/CHF pair is calling for a bullish market from the support levels of 1.0041 and 1.0097. Currently, the price is in a bullish channel on the 4H chart. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 1.0041 which coincides with a ratio of 38.2% Fibonacci. Consequently, the first support is set at the level of 1.0041. So, the market is likely to show signs of a bullish trend around the spot of 1.0041. In other words, buy orders are recommended above the golden ratio (1.0041) with the first target at the level of 1.0153. Furthermore, if the trend is able to break out through the first resistance level of 1.0153, we should see the pair climbing towards the double top (1.0233) to test it. It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.9972.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview:
Currently, the price is in a bullish channel on the 4H chart. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
As the price is still above the moving average (100), immediate support is seen at 1.0041 which coincides with a ratio of 38.2% Fibonacci.
Consequently, the first support is set at the level of 1.0041. So, the market is likely to show signs of a bullish trend around the spot of 1.0041.
In other words, buy orders are recommended above the golden ratio (1.0041) with the first target at the level of 1.0153.
Furthermore, if the trend is able to break out through the first resistance level of 1.0153, we should see the pair climbing towards the double top (1.0233) to test it.
It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.9972.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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