Overview:
- The USD/CHF pair keeps to move upwards from the level of 1.0033. The level of 1.0033 coincides with a golden ratio (61.8% of Fibonacci), which is expected to act as major support today. Since the trend is above the 61.8% Fibonacci level, the market is still in an uptrend. From this point, the first support level is currently seen at 1.0033, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 1.0033, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the USD/CHF pair to trade between 1.0033 and 1.0093. So, the support level is seen at 1.0033, while daily resistance is found at 1.0093. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.0033. In other words, buy orders are recommended above the spot of 1.0033 with the first target at the level of 1.0093; and continue towards 1.0128. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.9991.
