- The trend of USD/CHF pair has been ascending for several weeks. Due to the previous events, the price is still between the levels of 0.9630 and 0.9714. Besides, resistance will set at the level of 0.9714 and the double top has already placed at 0.9742. So, the area of 0.9714-0.9742 represents strong resistance today. From this point, it will be wide to sell in this area 0.9714-0.9742 with the first target at 0.9670 in order to try to break the minor support. Then, the price will be able to continue in downtrend towards 0.9626 (the level of 0.9626 coincides with the ratio of 61.8% Fibonacci retracement levels in H1 chart). On the other hand, stop losses should be placed above 0.9768.
- Major support will set at the level of 0.9626.
- Major resistance has already set at the area of 0.9714-0.9742.
- We expect a new range about 57 pips today and 139 this week.
- The level of 0.9770 will confirm the bullish market.
- 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