The USD/CHF pair continues moving downwards from the level of 0.9994. Last week, the pair dropped from the level of 0.9994 (this level of 0.9994 coincides with the ratio of the 61.8% Fibonacci reterecement levels to the bottom around 0.9898. The current price is seen at 0.9944. Today, the first resistance level is seen at 0.9994 followed by 1.0044, while daily support 1 is found at 0.9882. Also, the level of 0.9925 represents a weekly pivot point for that it is acting as the minor support today. Amid the previous events, the pair is still in a downtrend, because the USD/CHF pair is trading in a bearish trend from the new resistance line of 0.9994 towards the first support level at 1.9925. If the pair succeeds to pass through the level of 1.9925, the market will indicate a bearish opportunity below 1.9925. Sell below 1.9925 with the first target at 0.9882 and 0.9847. However, if a breakout happens at the resistance level of 1.0014, then this scenario may be invalidated.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview:
Today, the first resistance level is seen at 0.9994 followed by 1.0044, while daily support 1 is found at 0.9882.
Also, the level of 0.9925 represents a weekly pivot point for that it is acting as the minor support today.
Amid the previous events, the pair is still in a downtrend, because the USD/CHF pair is trading in a bearish trend from the new resistance line of 0.9994 towards the first support level at 1.9925.
If the pair succeeds to pass through the level of 1.9925, the market will indicate a bearish opportunity below 1.9925. Sell below 1.9925 with the first target at 0.9882 and 0.9847.
However, if a breakout happens at the resistance level of 1.0014, then this scenario may be invalidated.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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