Overview:

• The USD/CHF pair continues to move upwards from the level of 0.9949. Today, the first support level is currently seen at 0.9949, the price is moving in a bullish channel now. In addition, the price has set above the major support at the level of 0.9949, which coincides with the 38.2% Fibonacci retracement level. This support has been rejected three times confirming domination of an uptrend. According to the previous events, we expect the USD/CHF pair to trade between 0.9949 and 1.0033. So, the support is seen at the level of 0.9949, while daily resistance is found at 1.0033. Therefore, the market is likely to show signs of a bullish trend around the spot of 0.9949. In other words, buy orders are recommended above the spot of 0.9949 with the first target at the level of 1.0033; and continue towards 1.0093. However, if the USD/CHF pair fails to break through the resistance level of 1.0033 today, the market will decline further to 0.9949 to retest it again.