Overview:
- The USD/CHF pair was trading in a narrow sideways channel, the market showed signs of instability. Amid the previous events, the price is still moving between the levels of 0.9792 and 0.9694. Resistance and support are seen at the levels of 0.9792 and 0.9694 respectively. There are no changes in my technical outlook. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed. The current price is seen at 0.9753 which represents a key level today. The level of 0.9792 will act as the first resistance today. Hence, if the pair fails to pass through the level of 0.9792, the market will indicate a bearish opportunity below the strong resistance level of 0.9792. Sell deals are recommended below the level of 0.9792 with the first target at 0.9694. If the trend breaks the support level of 0.9694, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.9634. On the contrary, in case a reversal takes place and the USD/CHF pair breaks through the resistance level of 0.9792, then a stop loss should be placed at 0.9861.
Daily technical levels:
- Resistances: 0.9792 | 0.9861 | 0.9900
- Pivot: 0.9743
- Support: 0.9694 | 0.9634 | 0.9586
