The USD/CHF pair moves in the same direction. Our take profit target has been hit. The pair is still expected to trade in a lower range as far as the key resistance lies at 0.9700. The pair is consolidating below the key resistance at 0.9700 (the high of June 13), which should limit the upside potential. The relative strength index lacks upward momentum. Even though a continuation of technical rebound cannot be ruled out, its extent should be limited.
Therefore, as long as 0.9700 is not surpassed, expect further weakness to 0.9635 and even to 0.9610 in extension.
Graph Explanation: The black line shows the pivot point, present price above pivot point indicates the bullish position and below pivot points indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: SELL at dips, Stop Loss: 0.9700, Take Profit: 0.9635
Resistance levels: 0.9730, 0.9750, and 0.9800
Support levels: 0.9635, 0.9610, and 0.9565
