General overview: After spending the Asian session fluctuating in very tight range bound area. The pair seems to be very pressurize and continually rising up and down. It seems like it do not get any proper way to make any path to move. The is moving towards it is positive path and moving towards the north direction in chart. its seems like that demand has been increased for the pair and its makes its positive move towards the higher high side in the market. Earlier in the day, Reuters reported that USD/CHF’s one-month risk reversals gauge, the spread between call and put prices, turned positive for the first time since the inception of this data in March 2016. This development suggests that investors are starting to price a bullish outlook in the near term.
Technical outlook: From the technical point of view we can say that market leads towards the buy side in the market. It makes its positive move buy side in the market. On the basis of 4 hourly chart odds are in favors of the bulls and creating the positive move towards the buy side in market. On the hourly chart market is making the higher side and rising towards the upside in the market. we can see golden crossover in the market. The market breaks the support level 0.9281 and now we can expect strong buying side in the market. The trend seems to be towards the higher side in the market. The RSI is also above the 50 level and creates the buy side in the market. The support level is 0.9216 followed by 0.9166, resistance will be 0.9350 followed by 09400.
Trade idea: our traders will sit on the buy side at level 0.9300 and target will be 0.9360-0.9400 and stop loss will be 0.9250.
