FX.co ★ USDCHF, H4 | Rally to 1st resistance??

The USD/CHF chart displays a bullish momentum, indicating an upward trend. The price being above the bullish Ichimoku cloud and a major ascending trend line contributes to this positive sentiment.

Given the bullish momentum, there is a possibility of a bullish bounce from the first support level towards the first resistance level. The 0.9030 level serves as a significant support area, known as an overlap support, where buyers have previously entered the market. The second support at 0.9006 also adds to its significance as a pullback support.

However, the first resistance at 0.9062 may temporarily hinder upward movements, potentially causing a pause or retracement. This level is identified as a multi-swing high resistance and aligns with the 38.20% Fibonacci retracement, making it an important level to monitor.