Technical outlook and chart setups:
1. The USD/CHF pair seems to have bottomed out at the 0.8700 levels recently. Furthermore, bulls have managed to take out first resistance as well at 1.8900 levels. At the moment, prices are expected to pullback towards 0.8780 levels before the next rally resumes. It is recommended to look to go long at lower levels.
2. Immediate support is at 0.8780 (the 0.618 fibonacci level), followed by 0.8700 while resistance is at 0.8930, followed by 0.9030 and higher up respectively.
3. The structure indicates that USD/CHF is retracing at the moment and bulls are expected to resume rally from around 0.8800 levels again. Immediate top side is seen at 0.9020 and 0.9200.
Trading recommendations:
Looking to buy lower around 0.8780, stop is below 0.8700, target is open.
Good luck!
