Overview:
- The USD/CHF pair has set above the level of 0.9224 (23.6% of Fibonacci retracement levels in the H4 chart). This level is coinciding with the double bottom. Additionally, the pair has already formed a strong support at 0.9250/0.9224. Now, it is approaching it in order to test it. On the other hand, the resistance is seen at 0.9395. We expect a range about 145 pips during next two days. The saturation is likely to be around the spot of 0.9400. Therefore, downside momentum is rather convincing and the structure of the fall does not look corrective. Sell at 0.9400 with the first target at 0.9320 in the short term. It will call for a downtrend then in order to continue its bearish movement towards 0.9224 to test the double bottom. At the same time, the stop loss should be placed at the level of 0.9438.