Technical analysis of USD/CHF for November 24, 2017

Overview:

• The pivot point of USD/CHF pair is seen at the price pf 0.9831.
  The USD/CHF pair fell from the level of 0.9870 towards 0.9800.
• It should be noted that volatility is very high for that the USD/CHF pair is still moving between 0.9831 and 0.9783 in coming hours.
• Furthermore, the price has been set below the strong resistance at the levels of 0.9831 and 0.9870, which coincides with the 38.2% and 50% Fibonacci retracement level respectively. Additionally, the price is in a bearish channel now.
• Amid the previous events, the pair is still in a downtrend. From this point, the USD/CHF pair is continuing in a bearish trend from the new resistance of 0.9831.
• Thereupon, the price spot of 0.9831 remains a significant resistance zone.
• Therefore, a possibility that the USD/CHF pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.9831, sell below 0.9831 with the first targets at 0.9783 and 0.9743 (the double bottom is seen at 0.9704).
• On the other hand, the stop loss should be set above the level of 0.9873.

The material has been provided by InstaForex Company – www.instaforex.com