Overview:
- The USD/CHF pair has still been moving upwards from the prices of 1.0020 and 1.0102 since last week. This week, we expect that the trend will be traded between the levels of 1.0110 and 1.0340. So we expect a large range about 230 pips in the future. The breakout is seen at the ratio of 88.2% Fibonacci retracement level (1.0011) for that the key level is set at the level of 1.0092 because it is representing a strong support. As it is known, history will probably repeat itself at this level again. Therefore, it will be a good sign to buy above 1.0120 with the first target of 1.0239 in order to test the weekly pivot point. It will call for an uptrend in order to continue its bullish movement towards 1.0340. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed below the double bottom at the price of 1.0011.
Trading recommandations:
- The USD/CHF pair is still calling for strong bullish market for that you should buy at the level of 1.0120 with the targets of 1.0239 and 1.0340.
