FX.co ★ Technical analysis of USD/CHF for January 08, 2016

The USD/CHF trend is obviously up and continues moving within the ascending channel. The price rejected the 61.8% Fibonacci retracement level. Apparently, this is the same level where the previous level of resistance was formed and then broken - S1 (0.9800).

After yesterday's corrective move down it seems that bulls will continue taking over, thus sending the price higher and higher. Consider buying USD/CHF while the price is between R1 (1.0000) and S2 (0.9800), targeting an area near 261.8% Fibs (R3 - 1.0440) applied to the last corrective wave that tested the lower trend line of the ascending channel. Stop Loss should be well below S1.

Support: 0.9800, 0.9680

Resistance: 1.0000, 1.0130, 1.0330, 1.0440