Overview :
- The USD/CHF pair is going to set strong resistance at the level of 0.9226. This level coincides with the ratio of 50% Fibonacci retracement levels in H4 chart. Equally important, the price is still moving between 0.9200 and 0.9138. Also, the USD/CHF pair has still been below 50% of Fibonacci retracement levels for several days. As a result, the price has already formed the strong resistance at this level of 0.9226. It is now approaching it in order to test it. Moreover, it should be noted that the level of 0.9200 is the key price today. Therefore, the USD/CHF pair will get a downside rather convincing momentum and the structure of the fall does not look corrective, indicating a bearish opportunity below the 0.9226 level. So, it will a good sign to sell below 0.9226 with the first target at 0.9166 (this level coincides with the daily pivot point). It will call for a downtrend in order to continue bearish move towards 0.9102. Additionally, the price is at 0.9102 to test the double bottom and it represents strong support. On the other hand, the stop loss should always be taken into account, thus it will be useful to set your stop loss at the price of 0.9250.
The material has been provided by InstaForex Company - www.instaforex.com
