USD/CHF is under pressure. The pair is under pressure below the key resistance at 0.9725, which should limit the upside potential. The declining 50-period moving average is playing a resistance role. The relative strength index is bearish below its neutrality level at 50.
To sum up, as long as 0.9725 holds on the upside, look for a further drop with targets at 0.9655 and 0.9620 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 points 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: 0.9725, Take Profit: 0.9655
Resistance levels: 0.9745, 0.9765, and 0.9790
Support levels: 0.9655, 0.9620, and 0.9575
The material has been provided by InstaForex Company – www.instaforex.com