USD/CHF broke out of our short-term ascending support line and is testing our first support at 0.9848 (horizontal overlap support, 23.6% Fibonacci retracement) where we expect price to breakout and drop to our major support at 0.9731 (horizontal swing low support, 38.2% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias. RSI (89) is also seeing a bearish exit along with a descending channel where we expect a further drop in price.
USD/CHF is testing support where we expect a breakout below this level.
Sell below 0.9848. Stop loss 0.9893. Take profit at 0.9731.
