Overview:
- The USD/CHF pair moved in a narrow sideways channel for a while. The market showed signs of instability. Amid the previous events, the price is still moving between the levels of 0.9734 and 0.9785. The daily resistance and support are seen at the levels of 0.9785 and 0.9734, respectively. In consequence, it is recommended to be cautious while placing orders in this area. We should wait until the sideways channel completes. Hence, the USD/CHF pair is still trading in a bullish trend from the new support level of 0.9734 forming a bullish channel. We expect the pair to move between 0.9734 and 0.9785. Major resistance is seen at 0.9857, while immediate resistance is found at 0.9785. Then, we may anticipate potential testing of 0.9785 to take place soon. Moreover, if the pair succeeds in passing through the level of 0.9785, the market will indicate a bullish opportunity above the level of 0.9857. A breakout of that target will move the pair further upwards to 0.9898. Buy orders are recommended above the area of 0.9734 with the first target at the level of 0.9785; and 0.9857 continue towards 0.9898. On the other hand, if the USD/CHF pair fails to break out through the resistance level of 0.9898; the market will decline further to the level of 0.9734 in order to test it again. AThe price of 0.9734 coincides with the ratio of the 50% Fibonacci retracement.
