Overview:
- The USD/CHF pair continues to move downwards from the level of 1.000. Yesterday, the pair dropped from the level of 1.0000 to the bottom around 0.9825. But the pair has rebounded from the bottom of 0.9825 to close at 0.9877. Today, the first support level is seen at 0.9762, the price is moving in a bearish channel now. Additionally, it should be noted that volatility is very high, for that the USD/CHF pair is still moving between 0.9875 and 0.9762 in coming hours. Furthermore, the price has been set below the level of 0.9876, which coincides with the 50% Fibonacci retracement level. This resistance has been rejected several times confirming the bearish momentum. On the H4 chart, the RSI starts signaling a downward trend. As a result, if the USD/CHF pair is able to break out the first support at 0.9825, the market will decline further to 0.9762 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9876 with the first target at 0.9825 and further to 0.9762. However, stop loss is to be placed above the level of 1.0000 (yesterday's top).
