USD/CHF is expected to trade with a bearish outlook. The pair remains under pressure below its key resistance at 0.9465, and is likely to post a new decline. The 20-period and 50-period moving averages are turning down, which should confirm a negative outlook. In addition, the relative strength index is mixed to bearish.
Hence, as long as 0.9465 is resistance, expect a return to 0.9285 and 0.9240 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot point indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: SELL, stop loss at 0.9465, take profit at 0.9285.
Resistance levels: 0.9500, 0.9530, and 0.9540
Support levels: 0.9285, 0.9240, and 0.9200.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Ahsan Aslam,
InstaForex Group © 2007-2018
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