USD/CHF is turning down and expected to trade with bearish outlook. The pair retreated from 0.9700 (the high of August 23) and broke below its 20-period and 50-period moving averages. Additionally, the 20-period moving average crossed below the 50-period one. The relative strength index lacks upward momentum.
To sum up, as long as 0.9675 is not surpassed, look for a new test to 0.9605 and even to 0.9585 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates the bullish position, and the price below the 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: 0.9675, Take Profit: 0.9605
Resistance levels: 0.9700, 0.9730, and 0.9775
Support levels: 0.9605, 0.9585, and 0.9515
The material has been provided by InstaForex Company - www.instaforex.com
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