Overview:
- The USD/CHF pair opened below the weekly pivot point (0.9592). It continued to move downwards from the level of 0.9592 to the bottom around 0.9541. Today, the first resistance level is seen at 0.9592 followed by 0.9644, while daily support 1 is seen at 0.9481. Furthermore, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 0.9541. So it will be good to sell at 0.9541 with the first target of 0.9481. It will also call for a downtrend in order to continue towards 0.9422. The strong daily support is seen at the 0.9422 level, which represents the double bottom on the H4 chart. According to the previous events, we expect the USD/CHF pair to trade between 0.9592 and 0.9422 in coming hours. The price area of 0.9592 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 0.9592 is not broken. On the contrary, in case a reversal takes place and the USD/CHF pair breaks through the resistance level of 0.9592, then a stop loss should be placed at 0.9644.
