Overview:
- The trend of USD/CHF pair movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability. Amid the previous events, the price is still moving between the levels of 0.9556 and 0.9639. Also, the daily resistance and support are seen at the levels of 0.9556 and 0.9492 respectively. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel is completed. Yesterday, the market moved from its bottom at 0.9556 and continued rising towards the top of 0.9639. Today, on the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 0.9639, the market will indicate a bearish opportunity below the strong resistance level of 0.9639 (the level of 0.9639 coincides with the daily pivot point). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 0.9639 with the first target at 0.9556. If the trend breaks the support level of 0.9556, the pair is likely to move downwards continuing the development of a bearish trend to the level of 0.9492 in order to test the daily support 1 (horizontal green line). On the other hand, if a breakout happens at the support level of 0.9639, then this scenario may become invalidated.
