Daily chart shows the USD/CHF dropped to the low of 0.9004, the lowest point since the January 3, and closed at 0.9024, with a drop of 0.49% during the day.
This reverse was about to touch the level of 50.00 of Fibonacci, the same that is very close to the 3/8 line (green line).
Therefore, today we believe that the pair would continue to fall until you find a consistent support that could well be at 0.8972 because there is the bottom line of its trading range.
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4-hour chartВ
The 4-hour figure shows the possibility that the USD/CHF continues to fall below their current levels to rely on 0.8972.
If you look at the lower windows, we notice the relative strength index of RSI, however we believe that the pair still proves its last minimum from last Friday. Therefore, we may eventually continue selling in the short term below 0.9033.
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1-hour chartВ
Finally В the 1-hour picture is similar. With the US dollar falling below the apex of its two trend lines and taking as resistance more next the neutral line of 4/8 (blue line), we note that its closest target would be at 0.8972.В
When the price reaches these levels, we will be able to see how much force the bears have to continue pushing prices below these levels. In the meantime we could use some 40 to 50 pips with a risk of 2 to 1 selling below 0.9033.
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email:В antonio.inga@analytics.instaforex.com DISCLAIMER
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