Overview:
- On the H4 chart, the USD/CHF pair continues moving in a bearish trend from the resistance level of 0.9751. Currently, the price is in a bearish channel, which is confirmed by the RSI indicator signaling that we are still in a bullish trend market. The bias remains bearish in the nearest term testing with the 0.9670 and 0.9620 levels to be tested. Immediate resistance is seen around 0.9751 levels, which coincides with the ratio of 61.8% Fibonacci retracement. Moreover, the moving average (100) starts signaling a downward trend. Therefore, the market is indicating a bearish opportunity below the levels of 0.9751 - 0.9710. So it will be good to sell at 0.9710 with the first target at 0.9670. It will also call for a downtrend in order to continue towards 0.9619. The strong weekly support is seen at 0.9578. However, if a breakout happens at the resistance level of 0.9751, then this scenario may be invalidated.
Daily technical levels:
- R3: 0.9810
- R2: 0.9751
- R1: 0.9710
- PP: 0.9670
- S1: 0.9619
- S2: 0.9578
- S3: 0.9537
