Overview:
- TheThe USD/CHF pair has rebounded from minor resistance at the level of 0.9550. Now, it is approaching its support in order to test it again. As it is known, we use historic rates to determine future prices, so it will probably start downside movement in this area and recover again to the level of 0.9550, which coincides with the 50% Fibonacci retracement levels. It should be noted that the strong resistance was already found at the level of 0.9619. Therefore, it will be a good sign to sell at this spot with the first target at 0.9481 and continue towards 0.9440 in order to form a new double bottom in the H4 chart. On the other hand, if a break takes place at the level of 0.9625, it will be a good location for stop loss below 0.9640. The value of 61.8% Fibonacci retracement was calculated at 0.9619. If the price hits 0.9625, it will continue moving towards 0.9717. You should check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.
