The USD/CHF pair is currently demonstrating strong bullish momentum, with the potential for an upward trend extension. The price is above a significant ascending trend line, further suggesting bullish momentum.
The first support level is at 0.8943, aligning with a 38.2% Fibonacci retracement, indicating a strong possibility for price stability. A bullish bounce could lead to an ascent towards the first resistance level at 0.9002.
The first resistance level, an overlap resistance, might pose a substantial challenge to price increases. If the price doesn't remain above the first support, the second support at 0.8871, a multi-swing low support, could be important for potential price rebounds.
Overall, it's crucial to monitor the market's response at these key support and resistance levels, as these could determine the future direction of the USD/CHF pair.
