Since February 2011 the USD/CHF pair has not reached these price levels.
The price level located between 0.9400 - 0.9780 was considered the strong resistance level, as 50% of Fibonacci level of the whole swing (down to 1.1700-0.7050) and previous multiple tops were located there.
Then we could observe the bearish reaction of this resistance area that was successful resulting in breakdown of the mid-term bullish channel indicated on the chart.
As we mentioned before, the close price located lower than 0.9380 level is to open the way for the position 0.8585 in the long-term. It may take some time for the pair to reach this level.
USD/CHF broke its previous congestion area between positions 0.9260 and 0.9310 indicating another swing down.
We still keep our long-term short position targeting the initial level of 0.9060 considering Take Profit orders.
At the moment the SELL-deals are recommended in order to retest the resistance area between 0.9260-0.9310 with TP at 0.9210, 0.9165 then 0.9065.
SL should be the daily closure above 0.9325.
