Overview:
- It should be noted that the price of the USD/CHF pair has still been trapped between 0.9030 and 0.9085. The price has been set below strong resistance at the levels of 0.9195 (0.9230: 50% of Fibonacci retracement levels in H4 chart). Additionally, it is worth noting that these levels coincide between 61.8% and 78.6% of Fibonacci retracement levels in H4 chart; thereupon, the pair has already formed strong resistance at this level of 0.9200, and it is now approaching it in order to test it. Therefore, the possibility that the Swissy will have a downside momentum is rather convincing and the structure of the fall does not look corrective. In order to indicate a bearish opportunity below 0.9200, in consequence it will be a good sign to sell below 0.9195 with the first target of 0.9083. It is equally important that it will call for downtrend in order to continue bearish trend towards 0.9025.
- On the other hand, it is also worthy of note that the price at 0.9020 - 0.9027 will possibly form a strong support (38.2% of Fibonacci retracement levels in H4 chart). Accordingly, saturation around 1.9020 to rebound the pair is likely to occur. Furthermore, it is possible that the market is going to start showing the signs of the bullish market. Hence, it will be a good sign to buy above 0.9020 with the first target of 0.9080 and continue towards 0.9173.
