Overview:
- The USD/CHF pair continues to move downwards from the level of 1.0057. Yesterday, the pair dropped from the level of 1.0057 (this level of 1.0057 coincides of the 50% Fibonacci retracement) to the bottom around 1.0008. Today, the first resistance level is seen at 1.0057 followed by 1.0086, while daily support 1 is seen at 1.0008. According to the previous events, the USD/CHF pair is still moving between the levels of 1.0057 and 0.9980; for that we expect a range of 77 pips (0.9980 - 1.0057). If the USD/CHF pair fails to break through the resistance level of 1.0057, the market will decline further to 1.0008. 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 0.9980 with a view to test the daily pivot point. On the contrary, if a breakout takes place at the resistance level of 1.0057, then this scenario may become invalidated.
