Overview:
- The USD/CHF pair continues to move downwards from the areas of 0.9954 and 0.9900. Yesterday, the pair dropped from the level of 0.9954 to 0.9860. Today, resistance is seen at the levels of 0.9954 and 0.9900. So, we expect the price to set below the strong resistance at the levels of 0.9955 and 0.9900; because the price is in a bearish channel now. Amid the previous events, the price is still moving between the levels of 0.9955 and 0.9860. Overall, we still prefer the bearish scenario as long as the price is below the level of 0.9860. In other words, buy orders are recommended below the spot of 0.9954 or 0.9900. Then, the pair is likely to begin a descending movement to 0.9844 and further to the 0.9811 levels. The level of 0.9811 will act as strong support, and the double bottom is already set at 0.9758 (61.8% Fibonacci retracement). On the other hand, the daily strong resistance is seen at 0.9955. If the USD/CHF pair is able to break out from the level of 0.9955, the market will rise further to 1.0000 today.
Intraday technical levels:
- R3: 1.0049
- R2: 0.9999
- R1: 0.9972
- PP: 0.9922
- S1: 0.9895
- S2: 0.9845
- S3: 0.9818
