Overview:
- The USD/CHF pair is going to set strong resistance at the level of 0.8915 and support at 0.8803. Also, it should be noted that the weekly pivot point has aready set at the price of 0.8850. Equally important, the price is still moving around the key level at 0.8850 this week. Moreover, the USD/CHF pair has still been below 100% of Fibonacci retracement levels since March 27, 2014. As a result, the price has already formed the strong resistance at this spot of 0.8915 and it is now approaching it in order to test it. Therefore, the USD/CHF pair will get a downside momentum rather convincing and the structure of the fall does not look corrective, for indicating a bearish opportunity below the 0.8915 level for that it will a good sign to sell below 0.8915 with a first target of 0.8853 (this level is coinciding with the weekly pivot point) and it will call for downtrend for continuing bearish towards 0.8803 (the weekly support 1).
- Another thought, The RSI calls for downtrend.
