Overview:
USD/CHF's subsequent sharp fall suggests that decline from 0.9610 yesterday had resumed to 0.9410 (strong support will be set at 0.9380). It should be noted that the price has still been trapped between 0.9450 -- 0.9503 as well as the price has been set below strong resistance at the levels of 0.9610. Additionally, it is noting that these levels are coinciding between 38.2% and 23.6% of Fibonacci retracement levels on H4 chart and the pair has already formed a strong resistance at this level of 0.9610 and it is now approaching it for testing it. Therefore, the Swissy will have a downside momentum, which is rather convincing and the structure of the fall looks is not corrective. In order to indicate a bearish opportunity below 0.9610, consequently it will be a good sign to sell below 0.9610 with the first target of 0.9515 and it will call for downtrend in order to continue bearish towards 0.9409 (00% of Fibonacci retracement levels on H4 chart). Furthermore, it also should be mentioned that the price at 0.9409 will possible forme double bottom and call for a strong support. Hence it will be saturation around 0.9400 to rebound the pair, meanwhile it will probably show that the market is going to start showing the signs of bullish market. In other words, it will be a good sign to buy above 0.9400 with the first target of 0.9513 and continue towards 0.96.
