USD/CHF pair is likely to find strong support at the level of 0.9502 and face
resistance at 1.0127. Moreover, it should be noted that the double top
will be placed at the same level of 1.0127. Equally important, the price
is still moving between 0.9610 and 0.9777 today. Also, the USD/CHF pair is
still above the ratio of Fibonacci 61.8% retracement since February 19,
2019. As a result, the price has already formed strong support at the
level of 0.9502 and it is approaching it now in order to test it again.
Therefore, the USD/CHF pair will get an upside convincing momentum. The
structure of the rise does not look corrective. It indicates a bullish
opportunity above the levels of 0.9502 and 0.9610.
- So, it will be a good sign to buy above 0.9502 or/and 0.9610 with the first target at 0.9720 (this level coincides with the daily pivot point) and it will call for an uptrend in order to continue bullish move towards 0.9777 in the coming hours. However, the stop loss should always be taken into account. Thus, it will be wise to set your stop loss at 0.9473.
The material has been provided by InstaForex Company – www.instaforex.com