Long-term review
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Overview:
- The USD/CHF pair broke resistance which turned to strong support at the level of 0.9694 last week. The level of 0.9694 coincides with a golden ratio (61.8% of Fibonacci), which is expected to act as major support today. On the one-hour chart, the USD/CHF pair continues moving in a bullish trend from the support levels of 0.9694 and 0.9742. 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). We expect a bullish market from the spot of 0.9742 towards the first target 0.9802. We should see the pair climbing towards the double top (0.9802) to test it. Furthermore, if the trend is able to breakout through the first resistance level of 0.9802. Then, the market will indicate a bullish opportunity above the level of 0.9802. Therefore, strong support will be found at the level of 0.9742 providing a clear signal to buy with targets seen at the levels of 0.9802 and 0.9854. Another resistance is found at 0.9908 in the same time frame. However, it would also be wise to consider where to place a stop loss; this should be set below the second support of 0.9694.
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