The USD/CHF pair is currently displaying a bullish trend, indicated by its positioning above a notable ascending trend line, hinting at possible additional bullish movements. The bullish trend is further reinforced as the price is situated above the bullish Ichimoku cloud.
This suggests the possibility of a bullish bounce from the first support level, which could push the price towards the first resistance level.
The first support is established at 0.8943, acting as an overlap support and aligns with a 38.2% Fibonacci retracement, typically serving as a critical point for price reactions. If the price declines further, the second support is at 0.8871, a multi-swing low support point, indicating its historical significance as a support level.
On the other hand, if the USD/CHF maintains its bullish run, it will face the first resistance at 0.9002. This overlap resistance could present a hurdle for bullish traders.
In the event of a more forceful bullish breakout, the USD/CHF might aim to reach the second resistance at 0.9070. This overlap resistance point could fortify the resistance level.
