Overview:
- On the one-hour chart, the USD/CHF pair continues moving in a bullish trend from the support levels of 1.0005 and 0.9974. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 0.9974, which coincides with a golden ratio (61.8% of Fibonacci). Consequently, the major support is set at the level of 0.9974. So, the market is likely to show signs of a bullish trend around the spot of 1.0044 (double top). In other words, buy orders are recommended above the golden ratio (0.9974) with the first target at the level of 1.0044 (we should see the pair climbing towards the double top to test it). Furthermore, if the trend is able to breakout through the double top at 1.0044, the market will continue rising towards the weekly resistance 2 at 1.0070. On the other hand, it would also be wise to consider where to place a stop loss; this should be set below the second support of 0.9952.
