Overview:
- The USD/CHF pair continues to move upwards from the level of 0.9924. The pair rose from the level of 0.9924 to a top around 0.9993. Today, the first resistance level is seen at 1.0042 followed by 1.0105, while daily support 1 is seen at 0.9958 (50% Fibonacci retracement). According to the previous events, the USD/CHF pair is still moving between the levels of 0.9993 and 1.0105; so we expect a range of 112 pips. Furthermore, if the trend is able to break out through the first resistance level at 1.0042, we should see the pair climbing towards the major resistance (1.0105) to test it. Therefore, buy above the level of 0.9993 with the first target at 1.0042 in order to test the daily resistance 1 and further to 1.0105. Also, it might be noted that the level of 1.0105 is a good place to take profit. On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9958, a further decline to 0.9924 (the double bottom) can occur which would indicate a bearish market. In case, you bought above the level of 0.9993 then stop loss should be placed at 0.9900.
