Overview:
Yesterday, the USD/CHF pair dropped from the level of 0.9735 (this level of 0.9734 double top) to the bottom around 0.9640. So, the USD/CHF pair continues to move downwards from the level of 0.9640 in order to call for a strong bearish market today. Today, the first resistance level is seen at 0.9684 followed by 0.9735, while daily support 1 is seen at 0.9621. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9684 and 0.9571. Hence, the first resistance is seen at the price of 0.9684. If the USD/CHF pair fails to break through the resistance level of 0.9684, the market will decline further to 0.9621. This would suggest a bearish market because the RSI indicator is still in a negative area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.9571 with a view to test the major support today. On the contrary, if a breakout takes place at the resistance level of 0.9734 (the double top), then this scenario may become invalidated.
Intraday technical levels:
- R3: 0.9856
- R2: 0.9785
- R1: 0.9734
- PP: 0.9684
- S1: 0.9621
- S2: 0.9571
- S3: 0.9520
