Technical analysis of USD/CHF for June 21, 2017

Overview:

• The USD/CHF pair has dropped sharply from the level of 0.9769 towards 0.9910. Now, the price is set at 0.9736 to act as a daily pivot point. 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 and 0.9691. However, the stop loss should be located above the level of 0.9800.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of USD/CHF for June 21, 2017