Overview:
- According to the previous events, the USD/CHF pair is still moving between 0.9664 and 0.9726. So we expect a large range of about 62 pips in the coming minutes. The breakout is seen at the ratio of 38.2% Fibonacci retracement level (0.9665) for that the key level is set at the level of 0.9665 as it represents strong support and coincides with the 38.2% Fibonacci retracement level on the H1 chart. As it is known, history will probably repeat itself at this level again. Therefore, it will be a good decision to buy above 0.9665 with the first target at 0.9730 in order to test the double top. It will call for an uptrend in order to continue its bullish movement towards 0.9769. On the other hand, the stop loss should never exceed your maximum exposure amounts, so it should be placed below the double bottom at the price of 0.9628.
