Overview:
- The USD/CHF pair continues moving downwards from the level of 0.9776. Since yesterday the volatility is very high for that the USD/CHF pair is still moving between 0.9549 and 0.98 19 in coming hours. The pair dropped from the level of 0.9776 to the bottom around 0.9550. But the pair has rebounded from the bottom of opening price of 0.9550 to set at 0.9740 right now. Today, the first support level is seen at 0.968, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.9681. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling an upward trend. As a result, if the USD/CHF pair is able to break out the first resistance 0.9776, which coincides with the 38.2% Fibonacci retracement level, the market will rise further to 0.9819 in order to test the weekly resistance 2. Consequently, the market is likely to show signs of a bullish trend. So, it will be good to buy above the level of 0.9681 with the first target at 0.9819 and further to 0.9861 and 0.9922. However, stop loss is to be placed below the level of 0.9550.
From www.instaforex.com https://www.instaforex.com/forex_analysis/84033/
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