Overview:
- The USD/CHF pair has shown signs of following the break of the highest level of 1.0207 and has opened above the daily pivot point today. Therefore, it will be a good sign to buy above the level of 1.0207 with the first target at 1.0244 and resume to 1.0260 with a view to test the double top. However, in case a reversal takes place and the USD/CHF pair breaks through the support level of 1.0190, the market is likely to decline to 0.9434 in order to indicate a correction movement at this level. Meanwhile, the daily chart represents a strong support at 1.0154, moreover the channel emerging of the RSI is still positive on most of time frames, so the RSI calls for a new uptrend at this level. In addition, if the price keeps set above the level of 1.0200; then it would be more a confirmation of an uptrend in a long-term period.
Forecast:
- The trend is still calling for a strong bullish market from the spot of 1.0200 and 1.0165. Hence, buy above this area (1.0200 and 1.0165) with the targets of 1.0244 and 1.0260 in coming hours.
