Overview:
- The USD/CHF pair faced strong support at the level of 0.9620 because resistance became support. So, the strong support has been already faced at the level of 0.9620 and the pair is likely to try to approach it in order to test it again. Also, it should be noted that the level of 0.9620 represents a daily pivot point for that it is acting as minor support today. Furthermore, the USD/CHF pair is continuing to trade in a bearish trend below the new support level of 0.9620. Currently, the price is in a bearish channel. According to the previous events, we expect the USD/CHF pair to move between 0.9650 and 0.9500. Also, it should be noticed that the double bottom is set at 0.9500. Additionally, the RSI is still signaling that the trend is downward as it remains strong below the moving average (100). This suggests the pair will probably go down in coming hours. Accordingly, the market is likely to show signs of a bearish trend. In other words, sell orders are recommended below 0.9620 with the first target at the level of 0.9500. If the trend is able to break the double bottom at the level of 0.9500, then the market will continue falling towards the daily support 1 at 0.9460.
The material has been provided by InstaForex Company – www.instaforex.com
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