Overview:
- As expected, The USD/CHF pair has dropped from the level of 0.9816 towards 0.9723. It should be noted that volatility is very high for that the USD/CHF pair is still moving between 0.9774 and 0.9682 in coming hours. Furthermore, the price has been set below the strong resistance at the level of 0.9774 and 0.9819, which coincides with the 38.2% and 50% Fibonacci retracement level respectively. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the USD/CHF pair is continuing in a bearish trend from the new resistance of 0.9774. Thereupon, the price spot of 0.9774 remains a significant resistance zone. Therefore, a possibility that the USD/CHF pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.9774, sell below 0.9774 with the first targets at 0.9682 and 0.9639 in order to test the double bottom. On the other hand, the stop loss should be located above the level of 0.9956.
