- The USD/CHF pair dropped sharply from the level of 0.9630 towards 0.9530. Now, the price is set at 0.9580. On the daily chart, the resistance of the USD/CHF pair is seen at the level of 0.9636 and 0.9721. Additionally, if the USD/CHF pair is able to break out the bottom at 0.9530, the trend will be called for a strong bearish market. The RSI starts signaling a downward trend. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9640 with the first target at 0.9530 and further to 0.9492 in order to test the daily support. If the USD/CHF pair is able to break out the daily support at 0.9492, the market will decline further to 0.9410 to approach support 2 today. However, the price spot of 0.9410 and 0.9400 remains a significant resistance zone. Thus, the trend is still bullish as long as the level of 0.9400 is not breached.
- The resistance is seen at the level of 0.9636. Hence, sell orders are recommended below the area of 0.9636 with the first target at the level of 0.9530; and continue towards 0.9410. On the other hand, if the USD/CHF pair fails to break out through the resistance level of 0.9721; the market will rise further to the level of 0.9868.
The material has been provided by InstaForex Company – www.instaforex.com