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michael scotfield

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Overview: The USD/CHF pair has broken resistance which turned to a strong support at the level of 0.9579 this week. The price of 0.9579 coincides with 38.2% of Fibonacci, which is expected to act as a major support on the second of August 2017. Since the trend is above the 38.2% Fibonacci level, the market is still in an uptrend. From this point, the USD/CHF pair is continuing in a bullish trend from the new support of 0.9575. Currently, the price is in a bullish channel. According to the previous events, we expect the USD/CHF pair to move between 0.9579 and 0.9728. In the H4 chart, resistance is seen at the levels of 0.9666 and 0.9728. Also, it should be noticed that the level of 0.9666 represents the daily pivot point. Therefore, a strong support will be formed at the level of 0.9575 providing a clear signal to buy with the targets seen at 0.9666. If the trend breaks the support at 0.9666 (resistance 1), the pair will move upwards continuing the development of the bullish trend to the level 0.9728 in order to test the daily resistance 2. On the other hand, the stop loss is to be placed below the level of 0.9525 (23.6% of Fibonacci).

Read more: https://www.instaforex.com/forex_analysis/95736
 
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