- The USD/CHF pair has been ascending for several days from the levels of 0.9666, 0.9708, and 0.9732. Due to the previous events, the price is still moving between the levels of 0.9732 and 0.9828. Besides, resistance is seen at the level of 0.9828 and the double top has already been placed at 0.9902. So, the area of 0.9902/0.9828 represents strong resistance this week. From this point, it will be wise to buy in the area of 0.9708-0.9732 with the first target at 0.9828 in order to break the major resistance level. Then, the price will be able to continue in uptrend towards 0.9902 (the level of 0.9902 coincides with the ratio of 100% Fibonacci retracement levels in H4 chart). On the other hand, stop loss should be placed below the support of 0.9708.
- Major support is seen at 0.9708.
- Major resistance is placed at 0.9902/0.9828.
- We expect a new range about 63 pips today and about 246 pips this week.
- The level of 0.9732 will confirm the bullish trend.
- The strength of the currency will be defined as follows: USD is in the uptrend and CHF is in the downtrend.
The material has been provided by InstaForex Company – www.instaforex.com