Overview:
- Supposedly, the USD/CHF pair is going to set strong resistance at the level of 0.90010 and support at 0.8863; but the minor support will be placed at the level of 0.8905. Equally important, the price is still moving between 0.8975 and 0.8900.
Also, the USD/CHF pair has still been below 100% of Fibonacci retracement levels in H4. As a result, the price has already formed the strong resistance at this level of 0.9010. Now,it is approaching this level in order to test it. Therefore, the Swissy will get a downside rather convincing momentum and the structure of the fall does not look corrective as it is indicating a bearish opportunity below the 0.9010 level or the double top 0.9036. So, it will a good sign to sell below these spots with a first target of 0.8946 (this level is coinciding with the ratio of Fibonacci retracement levels) and it will call for a downtrend in order to continue bearish move towards 0.8863. Additionally, it should be noted that the double bottom is going to set at the price of 0.8856. On the other hand, the stop loss should always be taken into account, thus it will of the foresight to set your stop loss at the price of 0.9055.
