Overview:
- The USD/CHF pair rose from the level of 0.9850 towards 0.9903 yesterday. Now, the current price is set at 0.9910. On the H1 chart, the resistance is seen at the levels of 0.9960 and 1.0002. Besides, the weekly support 1 is seen at the level of 0.9831. Today, the USD/CHF pair is continuing to move in a bullish trend from the new support level of 0.9878, to form a bullish channel. Amid the previous events, we expect the pair to move between 0.9878 and 0.9960. Therefore, buy above the level of 0.9878 with the first target at 0.9960 in order to test the daily resistance 1 and further to 1.0002 (double top). Nevertheless, if the pair fails to pass through the level of 1.0002, the market will indicate a bearish opportunity below the level of 1.0002. The market will decline further to 0.9878 in order to return to the weekly pivot point. Additionally, a breakout of that target will move the pair further downwards to 0.9831.
Comment:
- The weekly pivot is seen at the level of 0.9878.
- The market is still in an uptrend. We still prefer the bullish scenario.
Intraday Technical Levels:
- R2: 1.0002
- R1: 0.9960
- PP: 0.9895
- S1: 0.9831
- S2: 0.9791
