Overview:
- The USD/CHF pair continues to move downwards from the level of 1.0095.
- The pair has dropped from the level of 1.0095 to the bottom around 1.0040 since last week.
- Today, the first resistance level is seen at 1.0095 followed by 1.0115, while daily support 1 is seen at 1.0034.
- According to the previous events, the USD/CHF pair is still moving between the levels of 1.0095 and 1.0010; for that we expect a range of 90 pips at least.
- If the USD/CHF pair fails to break through the resistance level of 1.0095, the market will decline further to 1.0034.
- This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs.
- The pair is expected to drop lower towards at least 1.0034 with a view to test the daily pivot point and continues towards the next objective of 1.0010.
- On the other hand, if a breakout takes place at the resistance level of 1.0095 (major resistance), then this scenario may become invalidated.
