- The USD/CHF pair is calling for the bullish market from the levels of 0.9089, 0.9300, and 0.9405 since last week. Nowadays, the level of 0.9405 is representing support 1. Moreover, it should be noticed that the USD/CHF pair is still moving between the first support and first resistance which are setting at the 0.9405 and 0.9595 prices respectively. As it is known, the chronicle will probably repeat itself at these levels again. Therefore, as the upward trend is still strong on H4 chart, it will be a good sign to buy above the level of 0.9405 with the first target of 0.9522 (minor resistance on the same chart). It will call for an uptrend in order to continue its bullish movement towards 0.9595 in coming days. Also, we should bear in mind that the strong resistance (0.9595) is coinciding with the ratio of 78.6% Fibonacci retracement levels. However, a stop loss should never exceed your maximum exposure amounts. Consequently, the stop loss should be placed below the support of 0.9405 at the price of 0.9372.
- We expect a new range about 218 pips this week.
- The key level will set at the level of 0.9405.
- The support of the USD/CHF pair has already set at 0.9405.
- Moreover, the weekly support 1 will set at the 0.9300 level.
If the trend fails to close below the level of 0.9405, it will be a good opportunity to buy above 0.9400 with the first target at 0.955 , then it will be continued straight towards 0.9595.
The material has been provided by InstaForex Company – www.instaforex.com