As expected the USD/CHF pair continues to move downwards from the areas of 0.9342 and 0.9305.
The pair dropped from the level of 0.9342 to 0.9259, which coincides with a ratio of 50% Fibonacci on the H1 chart.
Today, resistance is seen at the levels of 0.9342 and 0.9305. So, we expect the price to set below the strong resistance at the levels of 0.9342 and 0.9305 because the price is in a bearish channel now.
Amid the previous events, the price is still moving between the levels of 0.9342 and 0.9176.
In overall, we still prefer the bearish scenario as long as the price is below the level of 0.9342. Furthermore, if the USD/CHF pair is able to break out the bottom at 0.9250, the market will decline further to 0.9215 (daily support 2).
Moreover, the price will fall into a bearish trend in order to go further towards the strong support at 0.9176 to test it again. The level of 0.9176 will form a double bottom at the same time frame.
On the other hand, if the price closes above the strong resistance of 0.9342, the best location for a stop loss order is seen above 0.9375.
