Overview:
- The USD/CHF pair continues moving in a bullish trend from the support levels of 0.9789 and 0.9738. Currently, the price is in a bullish channel on the one-hour chart. As the price is still above the moving average (100), immediate support is seen at 0.9789, which coincides with a golden ratio (61.8% of Fibonacci).
- As a result, the first support is set at the price of 0.9789. So, the market is likely to show signs of a bullish trend around the spot of 0.9789 - 0.973 . In other words, buy orders are recommended above the golden ratio (0.9789) with the first target at the level of 0.9904.
- Furthermore, if the trend is able to breakout through the first resistance level of 0.9904. It should see the pair climbing towards the double top (0.9955) in order to form a new double top.
- On the other hand, if a breakout happens at the support level of 0.9738, then this scenario may be invalidated.
