Overview:
- The USD/CHF pair didn't make significant movement yesterday. There are no changes in my technical outlook. The bias remains bearish in nearest term testing 0.9553 or lower. Today, the USD/CHF pair continues to move downwards from the level of 0.9745.
- Yesterday, the pair dropped from the level of 0.9745 (this level of 0.9745 coincides with the ratio of 38.2% Fibonacci retracment levels) to the bottom around 0.9602. Today, the trend had rebounded from the bottom of 0.9602 to climp toward the level of 0.9650.
- Moreover, the first resistance level is seen at 0.9691 followed by 0.9745, while daily support 1 is seen at 0.9602. According to the previous events, the USD/CHF pair is still moving br, tetween the levels of 0.9691 and 0.9553; for that we expect a range of 138 pips (0.9691 - 0.9553). If the USD/CHF pair fails to break through the resistance level of 0.9691, the market will decline further to 0.9553. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.9553 with a view to test the daily pivot point.
- On the other hand, if a breakout takes place at the resistance level of 0.9745, then this scenario may become invalidated.
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