USD/CHF looking for a dip towards 0.8275

USD/CHF is a major currency pair which is moving in a very nice downward trend and after taking reasonable retracement, it takes reasonable dips and along the way provides traders with lot of good trading opportunities. Currently traders will be looking to sell USD/CHF for something around 0.8390 level and the initial targets will be around the 0.8275 level. If USD/CHF extends its upward movement and break above 0.8390 level, then the next good selling level can be seen around 0.8480 level which is also the top of the long term downward channel. The 0.8480 level will also be highly focused by the long term traders. On the lower side, break below 0.8275 will really open up next levels for USD/CHF and we might be looking at the something around 0.8050 level.

The moving averages are also all pointing downwards and the short term moving average has just crossed medium term moving average and they are indicating the downward trend. The 0.8390 level is just around the level where the medium term moving average is at the moment and that is the same level traders looking to sell USD/CHF. RSI is also 39 in daily charts and seems to have more than enough space to allow USD/CHF to break below 0.8275 level.

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