Overview:
- The USD/CHF pair has been ascending for several days. Due to the previous events, the price is still moving between the levels of 1.1000 and 1.0085. Besides, resistance is seen at the level of 1.0080, and the double top has already placed at 1.0086. So, the area of 1.0086 represents strong resistance today. From this point, it will be wide to sell in this area 1.0086 with the first target at 0.9985 in order to try to break the minor support. Then, the price will be able to continue moving in a downtrend towards 0.9955 (the level of 0.9955 coincides with the ratio of 78.6% Fibonacci retracement levels in the H4 chart). On the other hand, stop losses should be placed above 1.0125.
Notes:
- Major support is found at the level of 0.9955.
- Major resistance is seen in the area of 1.0080/1.0086.
- We expect a new range about 65-110 pips today.
- The level of 1.0015 will confirm the bullish market.
- The strength of the currency will be defined as follows: USD is in the uptrend and CHF is in the downtrend.
