- The USD/CHF pair fell from the level of 0.9507 towards 0.9289. Now, the price is set at 0.9382 on the daily chart. It should be noted that volatility is very high for that the USD/CHF pair is still moving between 0.9507 and 0.9334 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 0.9507 and 0.9593. 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 0.9507. Thereupon, the price spot of 0.9507/0.9593 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 0.9507, sell below 0.9507 or 0.9450 with the first targets at 0.9334, 0.9247 and 0.9173. However, the stop loss should be located above the level of 0.9593.
Daily key levels:
- R3: 0.9672
- R2: 0.9593
- R1: 0.9507
- PP: 0.9420
- S1: 0.9334
- S2: 0.9247
- S3: 0.9173
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