Overview:
- The USD/CHF pair faced strong resistance levels around 0.9809 because support had become resistance last month. So, the strong resistance is seen at the level of 0.9809 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9809, the market will indicate a bearish opportunity below the new strong resistance level of 0.9809 (the level of 0.9809 coincides with a ratio of the 50% Fibonacci). Since the trend is below the 50% Fibonacci level, the market is still in a downtrend. Moreover, the RSI starts signaling a downward trend, Fibonacci. Thus, the market is indicating a bearish opportunity below 0.9809 so it will be good to sell at 0.9800 with the first target of 0.9703. It will also call for a downtrend in order to continue towards 0.9638. The daily strong support is seen at 0.9638. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.9865.
The material has been provided by InstaForex Company – www.instaforex.com
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