Overview:
- The USD/CHF pair couldn't continue its bearish market at the resistance of 0.9827. Hence, the pair dropped from the level of 0.6678 to the bottom around 0.9827. Today, the first support level is seen at 0.9752, the price is moving in a bearish channel now. Furthermore, the price has been set below the major resistance at the level of 0.9827, which coincides with the 50% Fibonacci retracement level. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the USD/CHF pair is able to break out the first support at 0.9752, the market will decline further to 0.9705 in order to test the second support. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9790 with the first target at 0.9752 and further to 0.9705. However, stop loss is to be placed above the level of 0.9850. Overall, we still prefer the bullish scenario, which suggests that the pair will stay below the zone of 0.9930 today.
