Overview:
- The USD/CHF pair is likely to find strong resistance at the level of 1.0048 and face support at 0.9815. Moreover, the double top will be placed at the same level of 0.9875. Equally important, the price is still moving between 0.9982 and 0.9875 today. Besides, the USD/CHF pair has been below the ratio of Fibonacci 38.2% retracement since yesterday. As a result, the price has already formed minor resistance at the level of 0.9982 and it is approaching it now in order to test it again. Therefore, the USD/CHF pair will get convincing downside momentum. The structure of the rise does not look corrective. It indicates a bearish opportunity below the levels of 0.9982 and 1.0048 in coming days. So, it will be a good sign to below 0.9982 with the first target at 0.9982 (this level coincides with the daily pivot point) and it will call for a downtrend in order to continue bearish moves towards 0.9875 and 0.9815 with a view to form a new double bottom on the H1 chart. However, the stop loss should always be taken into account. Thus, it will be wise to set your stop loss at 1.0085.
