USD/CHF
This pair is something that is often affected by whatever happens to the EUR/USD (in a negatively correlated manner). It tested the resistance level at 0.9400 on Thursday and then retraced a bit. The resistance level at 0.9400 could be tested again, and even another resistance level at 0.9450. In case, the EUR/USD rallies, the USD/CHF would be sent plunging back towards the support levels at 0.9350, 0.9300 and 0.9250.
This bearish plunge would end the bullish bias on the market, which is currently short-term. A movement below the support level at 0.9250 would result in a short-term bearish bias, which would eventually become a Bearish Confirmation Pattern in the 4-hour chart.
The material has been provided by InstaForex Company - www.instaforex.com
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