Technical analysis of USD/CHF for August 03, 2016

Technical analysis of USD/CHF for August 03, 2016

Overview:

The USD/CHF pair continues moving in a bearish trend from the resistance level of 0.9735.
Currently, the price is in a bearish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
The bias remains bearish in the nearest term testing 0.9622 and 0.9572. Immediate resistance is seen around 0.9735 levels, which coincides with the daily pivot point. The falling structure does not look corrective. In order to indicate a bearish opportunity below of level of 0.9735, sell below this level with the first target at 0.9622. Moreover, if the pair succeeds to pass through 0.9622, it will move downwards continuing the bearish trend development to 0.9572 in order to test the daily support 2. Since the trend is above the 50% Fibonacci level, the market is still in a downtrend. Therefore, the USD/CHF pair is continuing with a bearish trend from the price of 0.9735. However, if a breakout happens at 0.9786 (first resistance), this scenario may be invalidated.

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