Overview:
- The USD/CHF pair continues to move downwards from the level of 1.0057. Last week, the pair dropped from the level of 1.0057 (this level of 1.0057 coincides of the 50% Fibonacci retracement) to set around the price of 1.0040. Today, the first resistance level is seen at 1.0057 followed by 1.0086, while daily support 1 is seen at 1.0008. Besides, it should be noted that the pair is still in a bearish market as long as the price is holding below the level of 1.0075. According to the previous events, the USD/CHF pair is still moving between the levels of 1.0057 and 0.9960; for that we expect a range of 97 pips. 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 0.9960 in order to form a new double bottom. On the other hand, the stop loss should be place above the 1.0057 level.
