Overview:
- The USD/CHF pair continued to move downwards from the level of 0.9960. Since yesterday, the pair has falled from the level of 0.9960 (the level of 0.9960 coincides with the ratio of 38.2% Fibonacci Expansion) to the bottom around the spot of 0.9890. In consequence, the USD/CHF pair broke support at the level 0.9960, which turned into strong resistance at the level of 0.9960. In the H1 time frame, the level of 0.9960 is expected to act as major resistance today. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish market. The price is still below the moving average (100). From this point, we expect the USD/CHF pair to continue moving in the bearish trend from the resistance levels of 0.9960 and 0.9922 towards the target level of 0.9860. If the pair succeeds in passing through the level of 0.9860, the market will indicate the bearish opportunity below the level of 0.9860 so as to reach the second target at 0.9830. Moreover, if the USD/CHF pair is able to break out the level of 0.9830, the market will decline further to 0.9800.
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