Overview:
- The USD/CHF pair dropped from the level of 0.9709 towards 0.9680. Now, the price is set at 0.9660. Hence, the USD/CHF pair keeps on trading in the bearish trend from the new support level of 0.9660; to form a bearish channel. According to the previous events, we expect the pair to move between 0.9700 and 0.9648. Also, it should be noted that major resistance is seen at 0.9683 - 0.9700, while immediate resistance is found at 0.9648. Then, we may anticipate potential testing of 0.9648 to take place soon. This is confirmed by the RSI indicator signaling that we are still in the bearish trending market. Now, the pair is likely to begin a descending movement to the point of 0.9660 and further to the level of 0.9648. Additionally, if the USD/CHF pair is able to break out the bottom at 0.9648, the market will decline further to 0.9613 in order to test the weekly support 2.
Forecast:
- Consequently, there is a possibility that the USD/CHF pair will move downside. The structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.9683 - 0.9700 (major resistance), sell below 0.9700 with the the first targets at 0.9648 and 0.9613 .
