Overview:
- The USD/CHF pair continues to move downwards from the level of 0.9861. Yesterday, the pair dropped from the level of 0.9861 to the bottom around 0.9762. But the pair has rebounded from the bottom of 0.9762 to close at 0.9800. Today, the first support level is seen at 0.9762, the price is moving in a bearish channel now. Furthermore, the price has been set below the new support at the level of 0.9762, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the USD/CHF pair is able to break out the first support at 0.9792, the market will decline further to 0.9744 in order to test the daily support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9744 with the second target at 0.9695 and further to 0.9635. However, stop loss is to be placed above the level of 0.9861.
Intraday technical levels:
- R3: 0.9949
- R2: 0.9901
- R1: 0.9861
- PP: 0.9792
- S1: 0.9744
- S2: 0.9695
- S3: 0.9635
The material has been provided by InstaForex Company – www.instaforex.com
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