Overview:
- The USD/CHFpair rebounded from the top of 0.9891 to fall at 0.9803. The USD/CHF pair continues moving downwards from the level of 0.9891. Yesterday, the pair dropped from the level of 0.9891 to the bottom around 0.9820. Today, the first support level is seen at 0.9751, the price is moving in a bearish channel now. Furthermore, the price is seen below the strong resistance at the level of 0.9893, which coincides with the double top on the H4 chart. This resistance was rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the USD/CHF pair is able to break out a minor support at 0.9800, the market will decline further to 0.9751 in order to test the weekly support 1. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9800 with the first target at 0.9751 and further to 0.9707. However, stop loss is to be placed above the level of 0.9900.
Intraday key levels:
- Resistance 3:0.9947
- Resistance 2:0.9893
- Resistance 1:0.9849
- Pivot Point:0.9800
- Support 1:0.9751
- Support 2:0.9707
- Support 3:0.9663
