Overview:
- The USD/CHF pair faced resistance at the level of 1.0015, while minor resistance is seen at 0.9978. Support is found at the levels of 0.9897 and 0.9860. Also, it should be noted that a daily pivot point has already set at the level of 0.9978. Equally important is that the USD/CHF pair is still moving around the key level at 0.9978, which represents a daily pivot in the H4 time frame at the moment. Yesterday, the USD/CHF pair continued moving downwards from the level of 0.9619. The pair rose from the level of 1.0015 (this level of 1.0015 coincides with the ratio of 50% Fibonacci) to the top around 0.9933. In consequence, the USD/CHF pair broke support, which turned into strong resistance at the level of 1.0015. The level of 1.0015 is expected to act as major support today. From this point, we expect the USD/CHF pair to continue moving in the bearish trend from the resistance level of 1.0015 towards the target level of 0.9933. If the pair succeeds in passing through the level of 0.9933, the market will indicate the bearish opportunity below the level of 0.9933 in order to reach the second target at 0.9897 and 0.9860 (double bottom). However, if a breakout happens at the resistance level of 1.0015, then this scenario may be invalidated. So your stop loss should always be taken into account.
