Overview:
- The USD/CHF pair is going to set strong resistance at the level of 1.0096 and support at 0.9910. Equally important, the price is still moving between 0.9910 and 1.0096. Besides, the USD/CHF pair has still been below 78.6% of Fibonacci retracement levels since last week. As a result, the price has already formed the strong resistance at the level of 1.0096 and it is now approaching it in order to test it again. Therefore, the Swissy will get convincing downside momentum and the structure of the fall does not look corrective. It indicates a bearish opportunity below the 1.0096 level. So, it will be a good sign to sell below 1.0096 with the first target of 0.9973 (this level coincides with the daily pivot point) and it will call for a downtrend in order to continue bearish move towards 0.9910 in the coming hours. On the other hand, the stop loss should always be taken into account. Hence, it will be wise to set your stop loss at the price of 1.0123.
Intraday technical levels:
- R2: 1.0123
- R1: 1.0073
- PP: 0.9973
- S1: 0.9940
- S2: 0.9881
