Overview:
- The USD/CHF pair didn't make any significant movements yesterday. There are no changes in our technical outlook. The bias remains bearish in the nearest term testing 0.9802 or lower. Immediate support is seen around 0.9870. A clear break below that area could lead price to the neutral zone in the nearest term. Price will test 0.9802, because in general, we remain bearish on March 16th, 2016.
- Yesterday, the market moved from its bottom at 0.9830 and continued to rise towards the top of 0.9890. Today, on the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 0.9910 (major resistance), the market will indicate a bearish opportunity below the strong resistance level of 0.9910 (the level of 0.9910 coincides with tha ratio of 38.2% Fibonacci retracement). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 0.9910 with the first target at 0.9802 so as to test the double bottom. If the trend breaks the double bottom level of 0.9802, the pair is likely to move downwards continuing the development of a bearish trend to the level of 0.9721 in order to test the weekly support 1.
