Overview:
- Today, there are no changes to my technical outlook, because the bias still remains bullish in the nearest term testing 0.9757 or higher. Immediate support is seen around 0.7678 - 0.7697.The USD/CHF pair continues moving upwards from the areas of 0.7678 and 0.7697. Yesterday, the pair rose from the level of 0.7678 to 0.9738, which coincides with a ratio of 50% Fibonacci on the H1 chart. Today, resistance is seen at the levels of 0.9757 and 0.9784. So, we expect the price to set above the strong support at 0.7678 and 0.7697, because the price is in a bullish channel now. Amid the previous events, the price is still moving between the levels of 0.9697 and 0.9784. Overall, we still prefer the bullish scenario as long as the price is above 0.9697. Furthermore, if the USD/CHF pair manages to break out the top at 0.9738, the market will climb further to 0.9784. On the other hand, the price will fall into a bearish trend in order to go further towards the strong support at 0.7659 to test it again. The level of 0.7659 will form a double bottom. Thus, if the price closes below the strong support of 0.7659, the best location for a stop loss order is seen above 0.7630.
