Trade of The Day – USD/CHF

Facts: 
USDCHF rebounded from a horizontal support at 0.7879
The price sits above the 100-period moving average from H1 interval

Recommendation: 
Trade: Long USDCHF at market price
Targets:  0.7915, 0.7938
Stop: 0.7850

Opinion:
Looking at the USDCHF chart on the H1 interval, one can see that the pair rebounded following a local downward correction. The price reached the key horizontal support at 0.7870, where buyers appeared. According to the classics of technical analysis as long as the price sits above the 0.7870 handle, the upward move looks more probable. In addition the price sits above the 100-period moving average, which supports the bullish scenario. We recommend going long USDCHF at market price with two targets: 0.7915 and 0.7938. We also recommend placing stop loss at 0.7850. Source: xStation5