Overview:
- The USD/CHF pair movement was mixed as it took place in a narrow sideways channel for a while.
- There are no changes in our technical outlook. The market showed signs of instability when it reached the top of 1.0191.
- Amid the previous events, the price is still moving between the levels of 1.0054 and 1.0191.
- The daily resistance and support are seen at the levels of 1.0191 and 1.0054 respectively.
- In consequence, it is recommended to be cautious while placing orders in this area.
- We should wait until the sideways channel has completed. On the H4 chart, the price spot of 1.0191 remains a significant resistance zone.
- Therefore, there is a possibility that the USD/CHF pair will move to the downside and the fall structure does not look corrective.
- Resistance is seen at the level of 1.0191 today. So, sell below 1.0191 with the first target at 1.0100.
- In overall, we still prefer the bearish scenario as long as the price is below the level of 1.0191.
- Furthermore, if the USD/CHF pair is able to break out the bottom at 1.0100, the market will decline further to 1.0053.
- On the other hand, if a breakout takes place at the resistance level of 1.0230, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the second support of 1.0260.
The material has been provided by InstaForex Company – www.instaforex.com
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