USD/CHF: Trade ideas for July 24
By Felipe Erazo
The USDCHF has been very strong in the bullish trend, as this pair remains above the 200 EMA. Now, the USDCHF is near the resistance level of 0.9030, so the pair is trying to make a breakout at that level to further strengthen the bullish bias, although that is a very strong resistance level, as we can see it on the H1 chart.
This pair could begin to make a retracement to the support level of 0.8964, where is located the 50.0 Fibo level and there, the USDCHF could make a bullish rebound and climb back up to resistance level of 0.9030. For now, it is not advisable to place buy orders until the USDCHF make a breakout on the resistance level of 0.9030 or make a retracement to the 0.8964 level.
Trading recommendations: Place buy orders when the USDCHF does a rebound at the support level of 0.8964, with take profit at the resistance level of 0.9030.