Overview:
- The USD/CHF pair is calling for a bullish market from the support levels of 1.0041 and 1.0097.
- Currently, the price is in a bullish channel on the 4H chart. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
- As the price is still above the moving average (100), immediate support is seen at 1.0041 which coincides with a ratio of 38.2% Fibonacci.
- Consequently, the first support is set at the level of 1.0041. So, the market is likely to show signs of a bullish trend around the spot of 1.0041.
- In other words, buy orders are recommended above the golden ratio (1.0041) with the first target at the level of 1.0153.
- Furthermore, if the trend is able to break out through the first resistance level of 1.0153, we should see the pair climbing towards the double top (1.0233) to test it.
- It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.9972.
Daily key levels:
- Major resistance: 1.0233
- Minor resistance: 1.0153
- Intraday pivot point: 1.0097
- Minor support: 1.0041
- Major support: 0.9972
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