Today we would focus our analysis on the USD/CHF currency pair. The price recently managed to reach areas above 0.9639, and we expect this bullish momentum to continue, possibly as fr as 0.9800.
After trading between 0.9639-0.9600 for several days (which are the 61.8% and 50% Fibonacci levels), the pair overcame this fluctuation and reached a new high at 0.9733. The old resistance at 0.9639 turned into a support level, while the pair acquired a new resistance at 0.9763 (which also helps to form a double top pattern on the chart).
Now the price of the USD/CHF can be seen oscillating between 0.9693 and 0.9763. It is demonstrating a markedly bullish character; the RSI indicator also agrees that the pair is located in a bullish trend.
This is why we expect that the USD/CHF would be able to break its nearby resistance level at 0.9763 and continue moving upward. Our next resistance today is located at 0.9800 and might also be tested, if the first one is successfully overcome. As long as the pair is able to stay above its older channel at 0.9639-0.9600, then expect further growth.
At the moment of this article’s publication the pair is trading around 0.9650 and most trading indicators show a strong sell suggestion.
