Technical analysis of USD/CHF for June 23, 2017

Overview:

• The USD/CHF pair. The current price is seen at 0.9736 to act as a daily pivot point. The USD/CHF pair didn’t make any significant movements yesterday. The bias remains bearish in the nearest term testing 0.9769or higher It should be noted that volatility is very high for that the USD/CHF pair is still moving between 0.9769 and 0.9691 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 0.9751 and 0.9769. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the USD/CHF pair is continuing in a bearish trend from the new resistance of 0.9751/0.9769. Thereupon, the price spot of 0.9751/0.9769 remains a significant resistance zone. Therefore, a possibility that the USD/CHF pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.9751, sell below 0.9751 with the first targets at 0.9706, 0.9691 and 0.9673. On the other hand, the stop loss should be located above the level of 0.9769.

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Source:: Technical analysis of USD/CHF for June 23, 2017