Overview:
- The USD/CHF pair continues to move upwards from the level of 0.9597. Yesterday, the pair rose from the level of 0.9597 to a top around 0.9670. Today, the first resistance level is seen at 0.9693 followed by 0.9725, while daily support 1 is seen at 0.9597 (50% Fibonacci retracement). According to the previous events, the USD/CHF pair is still moving between the levels of 0.9639 and 0.9725; so we expect a range of 86 pips. Furthermore, if the trend is able to break out through the first resistance level at 0.9693. Therefore, buy above the level of 0.9597 with the first target at 0.9693 in order to test the daily resistance 1 and further to 0.9725. Also, it might be noted that the level of 0.9725 is a good place to take profit because it will form a major resistance today. On the other hand, if a breakout takes place at the resistance level of 0.9597, then this scenario may become invalidated.
