Overview:
- The USD/CHF pair has not shown signs of breaking the highest level of 0.9642 which coincides with the 61.8% of Fibonacci retracement levels. Also, it should be noted that the resistance has already set at the spot of 0.9640 since yesterday. Therefore, it will be a good sign to sell below the level of 0.9640 with the first target at 0.9536 (38.2% of Fibonacci retracement levels) and resume to 0.9467 in order to form a double bottom this week. Moreover, the resistance is going to be placed at the price of 0.9467. Thus, we expect a range of 122 pips in the coming days. However, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9536, then the market will lead to further decline to 0.9470 and 0.9425. Additionally, it will be able to indicate the correction movement at this level. But it should be noted that the channel emerging of RSI is still negative. Furthermore, it might notice a point of view that the MA(100) would be rather a confirmation for the downtrend but in a short-term period.
