Technical analysis of USD/CHF for March 05, 2019

Overview: The USD/CHF pair continues to move downwards from the level of 1.0019, which represents the double top in the H1 chart. Last week, the pair dropped from the level of 1.0019 to the bottom around 0.9945. Today, the first resistance level is seen at 0.9980 followed by 1.0019, while daily support is seen at the levels of 0.9940 and 0.9891. According to the previous events, the USD/CHF pair is still trapping between the levels of 0.9980 and 0.9891. Hence, we expect a range of 89 pips in coming hours. The first resistance stands at 0.9980, for that if the USD/CHF pair fails to break through the resistance level of 0.9980, the market will decline further to 0.9891. This would suggest a bearish market because the RSI indicator is still in a negative area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.9891 in order to test the second support (0.6693). On the contrary, if a breakout takes place at the resistance level of 1.0019 (the double top), then this scenario may become invalidated.The material has been provided by InstaForex Company - www.instaforex.com