Overview:
- The USD/CHF pair faced strong resistance at the level of 0.9622 because support had become resistance on August 18, 2016. So, the first resistance has already formed at the level of 0.9622 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9622, the market will indicate a bearish opportunity below the resistance level of 0.9622 (the level of 0.9622 coincides with a ratio of 23.6% Fibonacci). Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength below the moving average (100). Thus, the market is indicating a bearish opportunity below 0.9622 so it will be good to sell at 0.9620 with the first target of 0.9570. It will also call for a downtrend in order to continue towards 0.9521 so as to test the double bottom. The daily strong support is seen at 0.9521. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.9684.
Intraday key levels:
- Resistance 3:0.9733
- Resistance 2:0.9684
- Resistance 1:0.9622
- Pivot Point:0.9570
- Support 1:0.9521
- Support 2:0.9471
- Support 3:0.9411
