Overview:
- The USD/CHF is likely to set strong resistance at the level of 0.9471 and support at 0.9258 today because the price is still moving between 0.9305 and 0.9425. So, we expect a range of 225 pips starting from today to the end of this week. Also, the USD/CHF pair has still been below the ratio of 50% Fibonacci retracement levels in the H4 chart. As a result, the price has already found the strong resistance at 0.9467 and it is approaching it in order to test it. Moreover, you have to notice that the RSI is still calling for the bearish market. Consequently, the USD/CHF pair will be in a downside momentum rather convincing and the structure of the fall does not look corrective, for indicating the bearish opportunity below the 0.9471 level. For that it will a good sign to sell below this level with the first target of 0.9322 and it will call for downtrend in order to continue bearish towards 0.9300. Additionally, the price will try to test the double bottom at 0.9258. On the other hand, the stop loss should always be taken into account, hence it will of the experience to set your stop loss at the price of 0.9492.
