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24.11.201712:19 Forex Analysis & Reviews: Technical analysis of USD/CHF for November 24, 2017

Long-term review

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Overview:

The pivot point of USD/CHF pair is seen at the price pf 0.9831. The USD/CHF pair fell from the level of 0.9870 towards 0.9800.
It should be noted that volatility is very high for that the USD/CHF pair is still moving between 0.9831 and 0.9783 in coming hours.
Furthermore, the price has been set below the strong resistance at the levels of 0.9831 and 0.9870, which coincides with the 38.2% and 50% Fibonacci retracement level respectively. 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 0.9831.
Thereupon, the price spot of 0.9831 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 0.9831, sell below 0.9831 with the first targets at 0.9783 and 0.9743 (the double bottom is seen at 0.9704).
On the other hand, the stop loss should be set above the level of 0.9873.

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