Overview:
- The price of the USD/CHF pair is still set below strong resistance at the level of 0.9393 (23.6% of Fibonacci retracement levels on the H1 chart). It should be noted that the price will be trapped between 0.9393 and 0.9279. Moreover, these levels are coinciding with 23.6% and 11.8% of Fibonacci retracement levels on the H4 chart; and the pair has already formed strong resistance at this level of 0.9393. Now it is approaching this level in order to test it. Therefore, the USD/CHF pair downside momentum is rather convincing and the structure of the fall does not look corrective. In order to indicate bearish opportunity below 0.9393, it will be a good sign to sell below this level with the first target of 0.9325. It will call for a downtrend in order to continue bearish movement towards 0.9280. Furthermore, the price will possibly form strong support at 0.9279 (the level of 0.9279 is representing the weekly support 1). So it will be saturation around 0.9279 to rebound. Probably, the market is going to start showing signs of the bullish market. In other words, it will be a good sign to buy above 0.9279 with the first target at 0.9333 and continue towards 0.9400. Also, note that if you buy at 0.9279, the area below the level of 0.9279 will be a good place to set stop loss.
