USD/CHF is under pressure. The pair is trading on the downside, capped by its falling 50-period moving average. The nearest key resistance at 0.9430 maintains the strong selling pressure on the prices. Last but not least, the process of lower highs and lows remains intact, which should confirm a negative outlook.
Therefore, as long as 0.9430 is a resistance, look for choppy price action with a bearish bias. Our next down targets are set at 0.9290 and 0.9240.
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 point 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 at 0.9465, take profit at 0.9285.
Resistance levels: 0.9465, 0.9500, and 0.9540
Support levels: 0.9290, 0.9240, and 0.9200.
The material has been provided by InstaForex Company - www.instaforex.com
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