Our USD/CHF yesterday downside target has been hit. It is still expected that pair will move further downward, and we are going to keep our downward target at 0.9680. The pair is capped by a bearish trend line since June 20, which confirmed a negative outlook. The relative strength index is bearish and calls for a further downside.
On the economic front, The U.S. Labor Department reported that initial jobless claims increased 3,000 to a seasonally adjusted 241,000 in the week ended June 17, compared with 240,000 expected.
To sum up, as long as 0.9750 is not surpassed, look for a new decline to 0.9680 and even to 0.9655 in extension.
Graph Explanation: The black line shows the pivot point, present price above pivot point indicates the bullish position and below pivot points indicates the 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: 0.9725, Take Profit: 0.9680
Resistance levels: 0.9750, 0.9770, and 0.9790
Support levels: 0.9680, 0.9655, and 0.9600
The material has been provided by InstaForex Company - www.instaforex.com
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