Overview:
- The USD/CHF pair is still moving between the levels of 1.0064 and 1.0204 on the 14th of December 2016. The USD/CHF pair didn't make any significant movements yesterday. There are no changes in our technical outlook. The bias remains a narrow sideways channel. Besides, the weekly resistance and support are seen at the levels of 1.0062 and 1.0204 respectively. Besides, it should be noted that history usually repeats itself at certain level. 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 market moved from its bottom at 1.0062 and continued to rise towards the top of 1.0130. On the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 0.6558, the market will indicate a bearish opportunity below the strong resistance level of 1.0150. Since there is nothing new in this market, it is not bullish yet.
- Sell deals are recommended below the level of 1.0150 with the first target at 1.0062. If the trend breaks the support level of 1.0062, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.9953 in order to test the daily support 2. We still prefer a bearish market as the trend will not be able to break the last major resistance of 1.0204. This is confirmed by the RSI indicator signaling that we are still in a bearish trending market. So, the major resistance has already set at the point of 1.0204 for that you should place your stop loss above the last top.
