Overview:
- The USD/CHF pair dropped from the level of 0.9733 to the bottom around 0.6581. But the pair has rebounded from the bottom of 0.9660 to close at 0.9703. Today, the first support level is seen at 0.9688, and the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 0.9688, which coincides with the 23.6% Fibonacci retracement level. This resistance has been rejected several times confirming the 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 0.9688, the market will decline further to 0.9648 in order to test the daily support 2. In the H1 time frame, the pair will probably go down because the downtrend is still strong. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9688 with the first target at 0.9648 and further to 0.9600. At the same time, the breakdown of 0.9753 will allow the pair to go further up to the levels of 0.9818 in order to test the double top.
