Overview:
Pivot point : 0.9879.
The USD/CHF pair continues to move upwards from the level of 0.9845. Yesterday, the pair rose from the level of 0.9845 to a top around 0.9879. Today, the first resistance level is seen at 0.9925 followed by 0.9965 , while daily support 1 is seen at 0.9845 (61.8% Fibonacci retracement).
According to the previous events, the USD/CHF pair is still moving between the levels of 0.9845 and 0.9965; so we expect a range of 120 pips.
Furthermore, if the trend is able to break out through the pivot point at 0.9879, we should see the pair climbing towards the double top (0.9925) to test it.
Therefore, buy above the level of 0.9879 with the first target at 0.9925 in order to test the daily resistance 1 and further to 0.9965. Also, it might be noted that the level of 0.9965 is a good place to take profit because it will form a major resitance today. On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9845, a further decline to 0.9765 can occur which would indicate a bearish market.
The material has been provided by InstaForex Company - www.instaforex.com