Overview:
- The USD/CHF pair was trading around the area of 1.0000 two days ago. Today, the level of 0.9958 represents a daily support in the H1 time frame. The pair has already formed the minor resistance at 1.0026 and the strong resistance is seen at the level of 1.0068 as it represents the weekly resistance 1. So, the major resistance is seen at 1.0068, while immediate support is found at 0.9958. If the pair closes below the double bottom of 0.9958, the USD/CHF pair may resume its movement to 0.9900. From this point, we expect the USD/CHF pair to move between the levels of 1.0026 and 0.9900. Equally important, the RSI is still calling for a strong bearish market and the current price is below the moving average 100. As a result, sell below the level of 1.0026 with targets at 0.9958 and 0.9900 in order to form a new double bottom. However, stop loss should always be taken into account; accordingly, it will be beneficial to set the stop loss above the last bullish wave at the level of 1.0068.
The material has been provided by InstaForex Company – www.instaforex.com
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