The USD/CHF pair didn’t make a significant movement yesterday. There are no changes in my technical outlook. The bias remains bullish in the nearest term testing 0.9656 or higher. The USD/CHF pair continues to move upwards from the levels of 0.9588 and 0.9607. Today, the first support level is currently seen at 0.9588, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.9588, which coincides with the 78.6% Fibonacci retracement level. This support has been rejected several times confirming the veracity of an uptrend this week. According to the previous events, we expect the USD/CHF pair to trade between 0.9588 and 0.9656. So, the support is seen at the 0.9588 level, while daily resistance is found at 0.9630. Therefore, the market is likely to show signs of a bullish trend around the spot of 0.9588. In other words, buy orders are recommended above the spot of 0.9588 with the first target at the level of 0.9630; and continue towards 0.9656. On the other hand, if the USD/CHF pair fails to break through the resistance level of 0.9630 today, the market will decline further to 0.9532 in order to major support.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
The USD/CHF pair didn’t make a significant movement yesterday. There are no changes in my technical outlook. The bias remains bullish in the nearest term testing 0.9656 or higher. The USD/CHF pair continues to move upwards from the levels of 0.9588 and 0.9607. Today, the first support level is currently seen at 0.9588, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.9588, which coincides with the 78.6% Fibonacci retracement level. This support has been rejected several times confirming the veracity of an uptrend this week. According to the previous events, we expect the USD/CHF pair to trade between 0.9588 and 0.9656. So, the support is seen at the 0.9588 level, while daily resistance is found at 0.9630. Therefore, the market is likely to show signs of a bullish trend around the spot of 0.9588. In other words, buy orders are recommended above the spot of 0.9588 with the first target at the level of 0.9630; and continue towards 0.9656. On the other hand, if the USD/CHF pair fails to break through the resistance level of 0.9630 today, the market will decline further to 0.9532 in order to major support.
The material has been provided by InstaForex Company – www.instaforex.com
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