USD/CHF is under pressure expected to trade in lower range. The pair retreated from 1.0000 (the high of May 21) and broke below both 20-period and 50-period moving averages. Besides, the death cross between 20-period and 50-period moving averages has been identified. The relative strength index shows downside momentum. To sum up, as long as 0.9985 holds on the upside, look for a drop with targets at 0.9900 and 0.9875 in extension.
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 0.9985, take profit at 0.9900.
Resistance levels: 1.0005, 1.0030, and 1.0085
Support levels: 0.9900, 0.9875, and 0.9840
The material has been provided by InstaForex Company - www.instaforex.com