Overview:
- The USD/CHF pair continues to move downwards from the level of 0.9520. Yesterday, the pair dropped from the level of 0.9520 (this level of 0.9520 coincides with the double top) to the bottom around 0.9422. However, the price rebounded from the price of 0.9422 to set around the spot of 0.9483. Today, the first resistance level is seen at 0.9520 followed by 0.9551, while daily support 1 is found at 0.9453. Also, the level of 0.9483 represents a weekly pivot point for that it is acting as major resistance/support this week. 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 0.9520 towards the first support level at 0.9453 in order to test it. If the pair succeeds to pass through the level of 0.9453, the market will indicate a bearish opportunity below the level of 0.9453 to continue towards the next objectives 0.9422 and 0.9384. On the other hand, if a breakout happens at the resistance level of 0.9551, then this scenario may be invalidated.
