USD/CHF Setting Itself Up For A Dip Again

USD/CHF is moving a nice downward trend and currently taking some reasonable retracement. The retracement is targeted towards 0.8550 level and once the USD/CHF resumes its downward trend, the initial can be seen around 0.8450 level and once USD/CHF breaks below that level, then the next target level can be seen around 0.8325 level. The long term traders will also be looking to sell USD/CHF around 0.8550 level for targets around 0.8325 and the momentum might even break to below that level and in that case the traders will look to extend their profit targets around 0.8225 level.

On the upper side, if USD/CHF extends its retracement above 0.8550 level then the next level traders looking to sell will be something around 0.8655 level and selling around that level will setup a good long term trade opportunity for traders.

The medium term moving average is also around 0.8550 level and currently it is indicating a good medium term selling opportunity around that level. Both long term and medium term moving averages are pointing a downward trend. The RSI is currently around 45 in daily charts and thus seems to have more than enough space for USD/CHF to make a good dip towards 0.8325 level.

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