USDCHF has bounced all the way to 0.9175 area from 0.8985 low. Price has reached an important trend line resistance again. The last time price challenged this resistance it got rejected. So far it looks like we are having another rejection.

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Blue lines- resistance trend lines

At current price levels traders favor bearish positions as price is very close to key resistance levels. This resistance can be used as stop. Price has potential of moving lower towards 0.91 and 0.9055. If price breaks below 0.9050 we should expect to see price challenge 0.8985 lows. At current level we prefer to be bearish as long as price is below 0.9175.

The material has been provided by InstaForex Company – www.instaforex.com

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