Overview:
- The USD/CHF pair continues to trade downwards from the level of 0.9994. There are no changes in my technical outlook. The bias remains bearish in nearest term testing 0.9882 or lower. Since last week, the pair dropped from the level of 0.9994 (this level of 0.9994 coincides with the ratio of the 61.8% Fibonacci retracement levels to the bottom around 0.9898. The current price is still set below the first resistance (0.9994). Today, the first resistance level is seen at 0.9994 followed by 1.0044, while daily support 1 is found at 0.9882. Besides, the level of 0.9925 represents a weekly pivot point for that it is acting as the minor support today. Amid the previous events, the pair is still in a downtrend, because the USD/CHF pair is trading in a bearish trend from the new resistance line of 0.9994 towards the first support level at 1.9925. If the pair succeeds to pass through the level of 1.9925, the market will indicate a bearish opportunity below 1.9925. Sell below 1.9925 with the first target at 0.9882 and 0.9847. However, if the USD/CHF pair is able to break out the level of 0.9994, the market will rise further to 1.0044. We still prefer the bearish scenario, which suggests that the pair will stay below the area of 0.9994 this week.
