As expected, the USD/CHF pair continues to move downwards from the level of 0.9496. The pair dropped from the level of 0.9496 to the bottom around 0.9459. But the pair couldn’t rebound from the bottom of 0.9459 this morning. Therefore, the first support level is seen at 0.9459, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 0.9496, which coincides with the 50% Fibonacci retracement level. This resistance has been 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 the first support at 0.9459, the market will decline further to 0.9426 in order to test the daily support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9497 with the first target at 0.9460, 0.9426, and further to 0.9385. However, stop loss is to be placed above the level of 0.9537.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
As expected, the USD/CHF pair continues to move downwards from the level of 0.9496. The pair dropped from the level of 0.9496 to the bottom around 0.9459. But the pair couldn’t rebound from the bottom of 0.9459 this morning. Therefore, the first support level is seen at 0.9459, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 0.9496, which coincides with the 50% Fibonacci retracement level. This resistance has been 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 the first support at 0.9459, the market will decline further to 0.9426 in order to test the daily support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9497 with the first target at 0.9460, 0.9426, and further to 0.9385. However, stop loss is to be placed above the level of 0.9537.
The material has been provided by InstaForex Company – www.instaforex.com
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