Source: Forex Analysis
- The USD/CHF pair will continue to rise from the level of 0.9300. The support is found at the level of 0.9255, which represents the double bottom level on the H1 and H4 charts.
The price is likely to form a double bottom. Today, the major support is seen at 0.9255, while immediate resistance is seen at 0.9399. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of a high at 0.9399. So, buy above the level of 0.9300 with the first target at 0.9399 in order to test the daily resistance 1 and move further to 0.9444.
Also, the level of 0.9444 is a good place to take profit because it will form a double top. Amid the previous events, the pair is still in an uptrend; for that we expect the USD/CHF pair to climb from 0.9300 to 0.9444 today. At the same time, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9300, a further decline to 0.9255 can occur, which would indicate a bearish market.
The material has been provided by InstaForex Company – www.instaforex.com