The USD/CHF pair continues to move downwards from the level of 1.0057. This morning, the pair dropped from the level of 1.0057 (this level of 1.0057 coincides of the 50% Fibonacci retracement) to set around the price of 1.0040.
Today, the first resistance level is seen at 1.0057 followed by 1.0086, while daily support 1 is seen at 1.0008.
According to the previous events, the USD/CHF pair is still moving between the levels of 1.0057 and 0.9960; for that we expect a range of 97 pips. If the USD/CHF pair fails to break through the resistance level of 1.0057, the market will decline further to 1.0008.
This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs.
The pair is expected to drop lower towards at least 0.9960 in order to form a new double bottom.
On the other hand, if a breakout takes place at the resistance level of 1.0057, then this scenario may become invalidated.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview:
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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