Overview:
- The USD/CHF pair continues to move downwards from the level of 0.9617. This week, the pair dropped from the level of 0.9617 to the bottom around 0.9520. Now, the price is set at 0.9544. The resistance is seen at the level of 0.9585 and 0.9617. Moreover, the price area of 0.9580 and 0.9617 remains a significant resistance zone.
- In the H1 time frame, the first support level is seen at 0.9502, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 0.9617, which coincides with the 38.2% Fibonacci retracement level. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the USD/EUR pair breaks the first support at 0.9502, the market will decline further to 0.9435 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9585 with the first target at 0.9502 and further to 0.9435. However, stop loss is to be placed above the price of 0.9630
