Today we’d look at the USD/CHF currency pair which appears to be locked in a downward movement and remains below 1.0057, the 50% Fibonacci level.
Yesterday the USD/CHF sunk as low as 1.0008, which has now become a support level, but today we can observe a resistance at 1.0057 and 1.0086. In the past the pair has oscillated between 1.0057 and 0.9980, establishing a range of 77 pips.
If the first resistance at 1.0057 is not overcome the pair will likely move back down to 1.0008 and a bearish trend, with a possibility for a further decrease to 0.9980. On the other hand, if the resistance is overcome, we can expert different developments.
The RSI indicator remains positive and we cannot talk about trend reversals at this point. Currently the majority of technical indicators and moving averages are showing buy signals.
