Overview :
Yesterday, the USD/CHF pair dropped sharply from the level of 0.9228 towards 0.9155. Now, the price is set at 0.9100. On the H4 chart, the resistance of USD/CHF pair is seen at the level of 0.9195 and 0.9228. It should be noted that volatility is very high for that the USD/CHF pair is still moving between 0.9195 and 0.9083 in coming hours.
Also, it should be noticed that support 1 is seen at the level of 0.9195 which coincides the daily pivot point. Moreover, the price spot of 0.9195/0.9229 remains a significant resistance zone. Therefore, there is a possibility that the USD/CHF pair will move downside and the structure of a fall does not look corrective.
The market will indicate the bearish opportunity below 0.9195/0.9229, sell below 0.9195/0.9229 with the first target at 0.9083 in order to test yesterday’s bottom. Additionally, if the USD/CHF pair is able to break out the bottom at 0.9083, the market will decline further to 0.9014 in order to test the weekly support 2. Stop loss should be placed above the zone of 0.9250-0.9275.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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