USD/CHF is expected to trade with a bearish outlook. The pair remains weak below its nearest horizontal resistance at 1.0040. Both the 20-period and 50-period moving averages are turning down, and call for a further decline. Additionally, the relative strength index is negative below its neutrality area at 50. Therefore, as long as 1.0040 is not surpassed, likely decline to 0.9975 at first. A break below 0.9975 would trigger a drop towards 0.9950
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 1.0040, take profit at 0.9975.
Resistance levels: 1.0060, 1.0090, and 1.0120
Support levels: 0.9975, 0.9950, and 0.9900
The material has been provided by InstaForex Company - www.instaforex.com
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