General overview: After rising to its highest at 0.9377 last week, the USD/CHF pair staged a deep correction and finished the week virtually unchanged. The pair struggles towards the more bearish side and making its decisive move towards the selling side in the market. The bears are making its potential move towards the bearish side in market. A couple of days the pair is in range bound position it showing the up and down formation after breaching the level 50EMA. Market will make its positive move towards the selling side. On the hourly chart market is making kind off rounding top on the chart. Hence, the supply factor is been increasing in the market and the currency makes its potential move towards the sell side in the market.
Technical overview: From the technical point of view we can say that market creates the selling path towards the market. Still the kind of tug of war has been created in the chart. On the hourly chart we can see the bearish death crossover in the market. We can expect the further move towards the bearish side in the market. The pair is below the major and minor moving averages line and we can expect that pair keeps its path towards the bearish view in the market .Intraday basis also we can say that market makes its swings towards the lower side in the market. Hence, after the sudden rise in the, market there is strong confirmation of the downfall today. The RSI is also below the 50 level and creates the selling pressure as well as the MACD also fall below the zero level and set towards the bearish side. The support level is 0.9200 followed by 0.9160 and resistance level is 0.9312 followed by 0.9360.
Trade idea: Our traders will sit towards the selling side below 0.9250 target will be 0.9200 followed 0.9150 and stop loss will be 0.9340.
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Good job sir