Long-term review
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Overview:
- The USD/CHF pair has set its strong resistance at the level of 0.9901 and support stands at 0.9763 today. Equally important, the price has been still moving around the key level at 0.9824 since yesterday. Moreover, the USD/CHF pair is still below 100% of Fibonacci retracement levels since August 4, 2015. The RSI calls for a downtrend and the double top was already placed at the point of 0.9901. As a result, the price has already formed the strong resistance at this spot of 0.9901 and it is now approaching it in order to test it (from 0.9824). Therefore, the USD/CHF pair will get rather convincing downside momentum and the structure of the fall does not look corrective for indicating a bearish opportunity below the 0.9901 level. It will be a good decision to sell below 0.9901 with the first target of 0.9794 and it will call for a downtrend to continue with bearish movements towards 0.9763 (this level is coinciding with the ratio of 78.6% Fibonacci retracement levels).
Intraday technical Levels:
Pair: USD/CHF
- R2: 0.9956
- R1: 0.9901
- PP: 0.9824
- S1: 0.9763
- S2: 0.9708
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