USDCHF, H4 | React off Resistance level?

The USD/CHF chart currently exhibits a bearish momentum, indicating a continuing downward trend. In light of this bearish sentiment, there's a likelihood of the price extending its decline towards the 1st support level at 0.8718, which gains importance due to its alignment as an overlap support. Additionally, reinforcement to the support structure comes from a secondary support at 0.8678. Conversely, attention is directed towards the 1st resistance level at 0.8776, marked by its classification as a multi-swing high resistance, potentially obstructing upward movement. Furthermore, a 2nd resistance at 0.8824 is identified as a pullback resistance, intensifying its potential to hinder price advancement.

Analysis are provided by InstaForex

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