It should be noted that the price of the USD/CHF pair has still been trapped between 0.9080 and 0.9110, as well as the price has been set below strong resistance at the levels of 0.9170 (50% of Fibonacci retracement levels in H4 chart). Additionally, it is worth noting that these levels coincidу between 50% and 38.2% of Fibonacci retracement levels in H4 chart; thereupon the pair has already formed a strong resistance at this level of 0.9170, and it is now approaching it in order to test it. Therefore, the possibility that Swissy will have a downside momentum is rather convincing and the structure of the fall looks not corrective. In order to indicate a bearish opportunity below 0.9170, in consequence it will a good sign to sell below 0.9170 with the first target of 0.9100. It is equally important that it will call for downtrend in order to continue bearish trend towards 0.9040.
On the other hand, it is also worthy of note that the price at 0.9020 will possibly form strong support (23.6% of Fibonacci retracement levels in H4 chart). Accordingly, there is likely to be a saturation around 1.9025 to rebound the pair. Furthermore, it is possible that the market is going to start showing the signs of bullish market. Hence, it will be a good sign to buy above 0.9020 with the first target of 0.9090 and continue towards 0.9155.
The material has been provided by InstaForex Company – www.instaforex.com
The material has been provided by InstaForex Company – www.instaforex.com
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