Overview:
- The USD/CHF pair faced resistance at the level of 1.0302, while minor resistance is seen at 1.0275. Support is found at the levels of 1.0229 and 1.0196. Besides, it should be noted that a daily pivot point has already set at the level of 1.0229. Equally important, the USD/CHF pair is still moving around the key level at 1.0229, which represents a daily pivot in the H1 time frame at the moment. The price spot of 1.0275 remains a significant resistance zone. Therefore, there is a possibility that the USD/CHF pair will move to the downside and the fall structure does not look corrective. Resistance is seen at the level of 1.0275 today. So, sell below 1.0275 with the first target at 1.0229 to test the pivot. In overall, we still prefer the bearish scenario as long as the price is below the level of 1.0229. Furthermore, if the USD/CHF pair is able to break out the bottom at 1.0229, the market will decline further to 1.0196. However, it would also be wise to consider where to place a stop loss; this should be set above the second resistance of 1.0302.
Daily key levels:
- Major resistance:1.0302
- Minor resistance:1.0275
- Intraday pivot point:1.0229
- Minor support:1.0196
- Major support:1.0164
