Technical Analysis for CHF
USDCHF moved lower yesterday affected by the failure to consolidate above 38.2% correction at 0.9380. Stability below this level is considered negative especially as Linear Regression Indicators cover the pair from above. We need a breakout below 0.9290 to confirm the extension of the downside move. In general we depend on trading below the previous set top at 0.9291 shown on graph at point X to suggest the possible breakout of 23.6% correction to extend bearishness.
The trading range for today is among key support at 0.9180 and key resistance at 0.9380.
The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.
Support: 0.9290, 0.9265, 0.9230, 0.9205, 0.9180
Resistance: 0.9320, 0.9350, 0.9380, 0.9415, 0.9450
Recommendation Based on the above, sell the pair below 0.9320 targeting 0.9290, 0.9265 then 0.9180 and stop loss at four-hour closing above 0.9380