Overview:
- The USD/CHF pair has faced strong resistances at the levels of 0.9821 because support became resistance. So, the strong resistance has been already set at the level of 0.9821, and the pair is likely to try to approach it in order to test it again. Moreover, the RSI starts signaling a downward trend. But the trend is still showing strength above the moving average (100). However, if the pair fails to pass through the level of 0.9821, the market will indicate a bearish opportunity below a new strong resistance level of 0.9821 (the level of 0.9821 coincides with a ratio of the 38.2% Fibonacci). Thus, the market is indicating a bearish opportunity below 0.9800, so it will be good to sell at 0.9800 with the first target of 0.9704. It will also call for a downtrend in order to continue towards 0.9650 in order to test the double bottom at the H1 time frame. The daily strong support is seen at 0.9650. On the other hand, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.9853.
