Technical analysis of USD/CHF for July 13, 2016
The USD/CHF pair continues moving in a bullish trend from the support levels of 0.9789 and 0.9738.
Currently, the price is in a bullish channel on the one-hour chart.
As the price is still above the moving average (100), immediate support is seen at 0.9789, which coincides with a golden ratio (61.8% of Fibonacci).
As a result, the first support is set at the price of 0.9789. So, the market is likely to show signs of a bullish trend around the spot of 0.9789 – 0.973 . In other words, buy orders are recommended above the golden ratio (0.9789) with the first target at the level of 0.9904.
Furthermore, if the trend is able to breakout through the first resistance level of 0.9904. It should see the pair climbing towards the double top (0.9955) in order to form a new double top.
On the other hand, if a breakout happens at the support level of 0.9738, then this scenario may be invalidated.