USD/CHF looking for an extended dip

USD/CHF seems to be moving in a quite sideways trend and seems to set itself up for an extended downward move and traders will be looking to sell USD/CHF on reasonable levels to capitalize on this dip. Mostly the trade will be looking for such level will be around 0.9135 level and initially target 0.9000 level. Some traders might look to extend their profits below 0.9000 level and target profit around 0.8915 level. On the upper side, 0.9135 seems to hold the key as break above that might not interest traders in selling USD/CHF and above 0.9250 level, the traders might look to reverse the entries and start buying USD/CHF.

Looking at the moving averages used in daily charts, it can be seen that the long term and medium term moving averages are above the current USD/CHF level and short term moving average is below it. The traders will primarily look to enter around the level where the medium term and long term moving averages are at the moment and also crossing each other. Such level can be seen around 0.9130. RSI is just above 46 and seems to have more than enough space for USD/CHF to take an extended dip.

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