- The USD/CHF pair will continue rising from the level of 0.9295 in the long term. It should be noted that the support is established at the level of 0.9295 which represents the daily pivot point on the H1 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of the highest level of 0.9295. So, buy above the level of 0.9295 with the first target at 0.9361 in order to test the daily resistance 1.
If the trend is able to break the level of 0.9361, then the market will call for a strong bullish market towards the objective of 0.9409 today.
The level of 0.9409 is a good place to take profits. Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours.
On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9254, a further decline to 0.9187 can occur. It would indicate a bearish market.
The material has been provided by InstaForex Company – www.instaforex.com