The USD/CHF pair continues to move upwards from the level of 0.9847. Yesterday, the pair rose from the level of 0.9847 to a top around 0.9936. Today, the first resistance level is seen at 0.9958 followed by 0.9993, while daily support 1 is seen at 0.9881 (23.6% Fibonacci retracement). According to the previous events, the USD/CHF pair is still moving between the levels of 0.9924 and 0.9993; so we expect a range of 69 pips in coming hours. Furthermore, if the trend is able to break out through the first resistance level at 0.9993, we should see the pair climbing towards the major resistance (1.0042) to test it. Therefore, buy above the level of 0.9924 with the first target at 0.9958 in order to test the daily resistance 1 and further to 0.9993. Also, it might be noted that the level of 1.0042 is a good place to take profit. On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9881, a further decline to 0.9812 can occur which would indicate a bearish market.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview:
Furthermore, if the trend is able to break out through the first resistance level at 0.9993, we should see the pair climbing towards the major resistance (1.0042) to test it.
Therefore, buy above the level of 0.9924 with the first target at 0.9958 in order to test the daily resistance 1 and further to 0.9993. Also, it might be noted that the level of 1.0042 is a good place to take profit. On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9881, a further decline to 0.9812 can occur which would indicate a bearish market.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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