Overview:
- The USD/CHF pair faced strong resistance at the levels of 0.9833 because the level of 0.9833 represents a double top on the H1 time frame. So, the strong resistance has already formed at the level of 0.9833 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9833, the market will indicate a bearish opportunity below the new strong resistance level of 0.9833. But, the RSI starts signaling an upward trend, as the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above 0.9759 so it will be good to buy at 0.9810 with the first target of 0.9866. It will also call for an uptrend in order to continue towards 0.9900. The daily strong support is seen at 0.9759. However, the stop loss should always be taken into account, so set your stop loss at the level of 0.9705. Generally, the level of 0.9759 coincides with the 61.8% of Fibonacci, which is expected to act as a major support today. Since the trend is above the 61.8% Fibonacci level, the market is still in an uptrend.
