USD/CHF is under pressure and expected to trade in a lower range. The pair is trading within the bearish channel, which confirmed a negative outlook. The relative strength index lacks upward momentum. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The U.S. dollar pared gains against other major currencies following a four-day winning streak.
Hence, below 0.9815, look for a further decline with targets at 0.9725 and 0.9705 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 points 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: 0.9815, Take Profit: 0.9725
Resistance levels: 0.9805, 0.9835, and 0.9865
Support levels: 0.9745, 0.9730, and 0.9700
The material has been provided by InstaForex Company - www.instaforex.com
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