The USD/CHF pair, which was trading at 0.9140, suddenly plummeted sharply and is presently nearing the 0.9040 levels. Before the bulls intervene, how low can USD/CHF go?
Given that the pair's current levels coincide with the S2 ( 0.9041) Pivot Point line in the 4-hour time frame, there may be some demand for the pair.
Alternatively, the USD/CHF pair might drop a little before finding buyers near the psychological handle of 0.9000 that has been holding the pair steady since late March.
We may guess that at least some traders may view the 0.9150 Pivot Point area and the 0.9160 previous area of interest as goals if USD/CHF does flip higher from the possible support level.
However, the pair may reach lower inflection points like 0.8960 or 0.8890 if USD/CHF continues its decline and breaks through the range support zone.
How do you feel? Will the range support for USD/CHF last for another day?
