USD/CHF is expected to trade with a bearish outlook The pair remains under pressure below its horizontal resistance at 0.9800, and is likely to post a new decline. The process of lower highs and lows formation remains intact, which should confirm a negative outlook. In addition, the relative strength index is turning down.
In which case, as long as 0.9800 is not surpassed, the risk of a slide below 0.9700 remains high. Our next down target is set at 0.9670.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: SELL, Stop Loss: 0.9800, Take Profit: 0.9700
Resistance levels: 0.9840, 0.9870, and 0.9900
Support levels: 0.9700, 0.9670, and 0.9650
