On 4-hour chart, USD/CHF is correcting down from the upper line of the Bollinger Bands.
The first target of the correction is the level of 0.9552 (Murray [5/8]), which corresponds to the middle line of Bollinger Bands.
Breakout and consolidation of the price below the level of 0.9552 will open the path to the area of 0.9521 (Murray [4/8]) – 0.9491 (Murray [3/8]).
If USD/CHF cannot consolidate below the level of 0.9552, it will begin to grow to the area of 0.9582 (Murray [6/8]).
The upward trend will be restored after the price is set above the level of 0.9582.
In this case, the next buyers of sellers will be the level of 0.9613-0.9643 (Murray [2/8]).
Technical indicators reflect the maintenance of the downward potential.
Bollinger Bands are converging, reflecting the development of the current trend.
MACD volumes are decreasing in the positive zone.
Stochastic’s lines are pointed downwards.
Support and resistance
Support levels: 0.9552, 0.9521, 0.9491.
Resistance levels: 0.9582, 0.9613, 0.9643.
Short positions can be opened below the level of 0.9552 with the target at around 0.9521-0.9491 and stop loss 0.9570.
Long positions can be opened above the level of 0.9582 with the target at around 0.9613-0.9643 and stop loss 0.9560.