Source: Forex Analysis
- The USD/CHF pair continues to move downwards from the level of 0.9778. Yesterday, the pair dropped from the level of 0.9778 to the bottom around 0.9700.
Today, the first resistance level is seen at 0.9724 (the weekly pivot point) followed by 0.9748, while daily support 1 is found at 0.9700. Besides, the level of 0.9724 represents a weekly pivot point for that it is acting as major resistance today.
Amid the previous events, the pair is still in a downtrend, because the USD/CHF pair is trading in a bearish trend from the new resistance line of 0.9724 towards the first support level at 0.9667 in order to test it.
If the pair succeeds to pass through the level of 0.9667, the market will continue dropping towards the level of 0.9644.
However, if a breakout happens at the resistance level of 0.9778, then this scenario may be invalidated.
The material has been provided by InstaForex Company – www.instaforex.com