Overview:
- The USD/CHF pair probably is going to move between the levels of 0.9685 and 0.9600. The price has been set below strong resistance at the levels of 0.9687 which represents the double top (100% of Fibonacci retracement levels). Additionally, the range will be trapped between 0.9687 and 0.9562; then it is worth noting that these levels coincide between 61.8% and 100% of Fibonacci retracement levels in H4 chart; thereupon, the pair has already formed strong resistance at this level of 0.9685, and it is now approaching it in order to test it. Therefore, the possibility that the USD/CHF pair 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 the double top. In consequence, it will be a good sign to sell below 0.9687 with the first target of 0.9617. Equally important, it will call for downtrend to continue bearish trend towards 0.9566. On the other hand, it is also worthy of note that the price at 0.9560 will possibly form strong support (61.8% of Fibonacci retracement levels in H4 chart). Accordingly, saturation around 0.9560 to rebound the pair is likely to happen. Furthermore, it is possible that the market is going to start showing the signs of the bullish market from this area. Hence, it will be a good sign to buy above 0.9560 with the target of in the 0.9603 short term.
