Overview:
- The USD/CHF pair has already faced strong resistance at the level of 0.9912 and now it is approaching it in order to test it. Also, it should be noted that the price is still trading between 0.9910 and 0.9833 and below strong resistance at the level of 0.9912. Therefore, the fact that the yen will move downwards is rather convincing. The fall does not look corrective. It is likely to indicate a bearish opportunity below 0.9912 (you should keep in mind that the weekly pivot point is seen at 0.9888). It will be profitable to sell below 0.9988 with the first target at 0.9863. The pair will call for a downtrend to continue moving towards 0.9833 (around 23.6% of Fibonacci retracement levels in the H1 chart. Furthermore, it should also be said that the double bottom is expected to be formed at 126.00 calling for the strong support. So, the pair can rebound in the area around 0.9809. The market can start showing the bullish signs.
Trading recommendations:
- According to the previous events, the price is expected to remain between 0.9912 and 0.9833.
- The descending movement is likely to begin from the level 0.9112 (strong resistance) with targets seen at 0.9833 and 0.989.
