Overview:
- The USD/CHF pair dropped sharply from the level of 0.9680 towards 0.9592. Now, the price is set at 0.9608 to act as a daily pivot point. In the H4 time frame, the USD/CHF pair is still moving between 0.9680 and 0.9572. Furthermore, the price is set below strong resistance at the levels of 0.9680 and 0.9720, which coincides with minor resistance and the 38.2% Fibonacci retracement level respectively. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the USD/CHF pair is continuing in a bearish trend from the new resistance of 0.9680. Thereupon, the price spot of 0.9680 remains a significant resistance zone. Therefore, a possibility that the USD/CHF pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.9680, sell below 0.9680 with the first targets at 0.9572 and 0.9500 (the double bottom is seen at 0.9785). However, stop loss should be located above the level of 0.9760.
