Overview:
- As expected the USD/CHF pair continues to move downwards from the areas of 0.9753 and 0.9733. Yesterday, the pair dropped from the level of 0.9753 to 0.9688. The price of 0.9753 coincides with a ratio of 61.8% Fibonacci on the H4 chart. Today, resistance is seen at the levels of 0.9733 and 0.9753. So, we expect the price to set below the strong resistance at the levels of 0.9733 and 0.9753; because the price is in a bearish channel now.
Amid the previous events, the price is still moving between the levels of 0.9753 and 0.9648.In overall, we still prefer the bearish scenario as long as the price is below the level of 0.9753. Furthermore, if the USD/CHF pair is able to break out the bottom at 0.9688, the market will decline further to 0.9648 in order to test the double bottom in the H1 time frame. hence, the price will fall into a bearish trend in order to go further towards the strong support at 0.9648 to test it again. The level of 0.9648 will form a double bottom.
On the other hand, if the price closes above the strong resistance of 0.9753, the best location for a stop loss order is seen above 0.9760.
The material has been provided by InstaForex Company – www.instaforex.com
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