Overview:
- The USD/CHF pair didn't make any significant movements yesterday. There are no changes in our technical outlook. The bias remains bullish in the nearest term testing 0.9863 or higher. Immediate resistance is seen around the area of 0.9791 (61.8% Fibonacci retracement). A clear break above that area could lead price to the neutral zone in the nearest term. Price will test 0.9863, because in general, we remain bullish on July 8th, 2016. Yesterday, the market moved from its bottom at 0.9740 and continued to rise towards the top of 0.9791. Today, on the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 0.9863 (major resistance), the market will indicate a bearish opportunity below the strong resistance level of 0.9863 (the level of 0.9863 coincides with the ratio of 78.6% Fibonacci retracement). Since there is nothing new in this market, it is not bearish yet. Buy deals are recommended above the level of 0.9766 with the first target at 0.9863 to test the major resistance. If the trend breaks the major resistance level of 0.9863, the pair is likely to move upwards continuing the development of a bullish trend to the level of 0.9963 in order to test the weekly support 1. We expect that the pair will move between the levels of 0.9743 and 0.9863.
