Overview:
- The USD/CHF pair was trading around the area of 0.9766 a day ago. Today, the level of 0.9809 represents a weekly resistance in the H1 time frame. The pair has already formed minor resistance at 0.9766 and the strong resistance is seen at the level of 0.9809 because it represents the weekly resistance 1. So, major resistance is seen at 0.9809, while immediate support is found at 0.9743. If the pair closes below the weekly resistance of 0.9809, the USD/CHF pair may resume it movement to 0.9743 to test is again. From this point, we expect the USD/CHF pair to move between the levels of 0.9809 and 0.9743 in coming hours.
- Equally important, the RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100 on the H4 chart. As a result, sell below the level of 0.9809 with targets at 0.9743 and 0.9620 in order to form a double bottom. However, stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss above the last bullish wave at the level of 0.9840.
