USD/CHF: trade recommendation (June 17)
By Felipe Erazo
The USDCHF has found strong resistance at the level of 0.9010, so far, this pair is making corrective movements in favor of the bullish trend. The USDCHF has made a retracement to the 50.0 Fibo level (0.8959), where this pair has made a bullish rebound. However, on several occasions over the past week, the bullish road looked braking on the resistance level of 0.9010.
However, as we can see in the H4 chart, USDCHF could advance their bullish bias in the coming days, because the support level of 0.8959 has become very strong and also this pair remains above of the 500 exponential moving average. If the USDCHF manages to make a breakout on the resistance level of 0.9010, next target would be the level of 0.9064 (100.0 Fibo expansion level).
Trading recommendation: If you are currently buying this pair, hold the long positions until the 0.9024 and 0.9064 levels. Anyway, if the USDCHF does a breakout in the support level of 0.8959, the bullish bias could get invalidated.