Overview:
- The USD/CHF pair fell from the level of 0.9699 to the bottom at 0.9650 yesterday. Today, the USD/CHF pair faced strong support at the level of 0.9637. So, the strong support has been already faced at the level of 0.9637 and the pair is likely to try to approach it in order to test it again and form a double bottom. For this reason, the USD/CHF pair continues to trade in a bearish trend below the new support level of 0.9637 to form a bearish channel. According to the previous events, we expect that the pair will move between 0.9699 and 0.9564 in coming hours. Also, it should be noted that major resistance is seen at 0.9759, while immediate resistance is found at 0.9699. Then, we may anticipate that potential testing of 1.9637 will take place soon. Therefore, if the pair succeeds in passing through the level of 0.9637, the market will indicate a bearish opportunity below the level of 0.9637. A breakout of that target will move the pair further downwards to 0.6554. Nevertheless, if a breakout happens at the resistance level of 0.9759, then this scenario may be invalidated
Comment:
- The trend will become bearish in order to go further towards the strong support at 0.6554 to test it again. The level of 0.6554 will form a double bottom.
- Resistance is seen at the levels of 0.9699 and 0.9759.
