Overview:
- The USD/CHF pair continues moving upwards from the bottom of 0.9622. Yesterday, the pair rose from the level of 0.9622 to a top around 0.9698. Today, the first resistance level is seen at 0.9722 followed by 0.9764, while daily support 1 is seen at 0.9577. The USD/CHF pair is still moving between the levels of 0.9622 and 0.9719; so we expect a range of 93 pips. Furthermore, if the trend is able to break out through the first resistance level at 0.9698, we should see the pair climbing towards the double top (0.9722) to test it. Therefore, buy above the level of 0.9698 with the first target at 0.9722 in order to test the daily resistance 2 and further to 0.9764. Also, it might be noted that the level of 0.9764 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9622, a further decline to 0.9577 can occur. This would indicate a bearish market.
