FX.co ★ Technical analysis of USD/CHF for February 10, 2016

Overview:

• Yesterday, the USD/CHF pair dropped sharply from the level of 0.9908 towards 0.9694. Now, the price is set at 0.9737. On the H4 chart, the resistance of USD/CHF pair is seen at the level of 0.9795 and 0.9826. It should be noted that volatility is very high for that the USD/CHF pair is still moving between 0.9694 and 0.9795 in coming hours. Moreover, the price spot of 0.9795/0.9826 remains a significant resistance zone. Therefore, there is a possibility that the USD/CHF pair will move downside and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below 0.9795/0.9826, sell below 0.9795 or 0.9826 with the first target at 0.9694 in order to test yesterday's bottom. Additionally, if the USD/CHF pair is able to break out the bottom at 0.9694, the market will decline further to 0.9695 in order to test the weekly support 2. Also, it should be noticed that support 1 is seen at the level of 0.9795 which coincides the daily pivot point.