Overview:

• The USD/CHF pair dropped from the level of 1.0033 towards 0.9969. On the H4 chart, the resistance is seen at the levels of 0.9991 and 1.0033. Volatility is very high for that the USD/CHF pair is still expected to be moving between 0.9991 and 0.9949 in coming minutes. In the short term, we expect the USD/CHF pair to continue trading in a bearish trend from the new support level of 0.9949 to form a bearish channel. Additionally, the major resistance is seen at 1.0033, while immediate resistance is found at 0.9969. According to the previous events, the pair is likely to move from 1.0033 towards 0.9991 and 0.9949 as targets. On the other hand, if the pair fails to pass through the level of 0.9949, the market will indicate a bearish opportunity below the level of 0.9896. So, the market will decline further to 0.9896. The stop loss is to be placed above the level of 1.0033.