There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
USD/CHF supported by double bottom
USD/CHF has been keeping intact bullish structure formed above the 200 SMA at H4 chart. In a technical view, the pair is forming a possible double bottom pattern that is giving momentum so far. If that level holds between the Fibonacci area of 50% and 65% around 0.9602 and 0.9552 respectively, the pair could rally towards the -23.6% Fibonacci retracement level at 0.9848.
In the bearish scenario, supports are located at 0.9552 and 0.9506. RSI indicator remains in the neutral territory.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.