Our first upside targets which we predicted in yesterday's analysis has been hit. USD/CHF is still expected to trade with a bullish bias. The pair holds above its key horizontal support at 0.9815, and is now challenging its nearest resistance at 0.9870. Even though a consolidation cannot be ruled out at the current stage, its extent should be limited.
To conclude, as long as 0.9815 is not broken, look for a new rise to 0.9900 and 0.9940 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: BUY, Stop Loss: 0.9760, Take Profit: 0.9870
Resistance levels: 0.9870, 0.9900, and 0.9935
Support levels: 0.9730, 0.9700, and 0.9655
