Overview:
- The USD/CHF pair is going to set strong resistance at the level of 0.8996 and support at 0.8905.
- The price is still moving between 0.8922 and 0.8960.
- The USD/CHF pair has still been below 78.6% of Fibonacci retracement levels since last week in H4 chart.
- As a result, the price has already formed the strong resistance at this level of 0.8996 and it is now approaching it in order to test it.
- Therefore, the Swissy will get a downside momentum rather convincing and the structure of the fall does not look corrective, for indicating a bearish opportunity below the 0.8996 level for that it will be a good sign to sell below 0.8996 with the first target of 0.8930 (this level is coinciding with the daily pivot point today) and it will call for downtrend in order to continue bearish move towards 0.8900.
- The price is at 0.8906 to test the double bottom. However, the stop loss should always be taken into account, thus it will of the wisdom to set your stop loss at the price of 0.8930.
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