USD/CHF is under pressure. The pair is now heading downward, and it is likely to challenge its next support at 0.9290. Both the 20-period and 50-period moving averages are still on the downside, which should confirm a negative outlook. Last but not least, the relative strength index is below its neutrality area at 50.
To conclude, as long as the resistance at 0.9375 is not surpassed, the risk of the break below 0.9290 remains high.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot point indicates a short position. The red lines show the support levels, and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: SELL, stop loss at 0.9375, take profit at 0.9290.
Resistance levels: 0.9395, 0.9440, and 0.9500
Support levels: 0.9290, 0.9250, and 0.9200.
The material has been provided by InstaForex Company - www.instaforex.com