FXstreet.com (Barcelona) - After it rises around 150 pips from the 1.1530 to the resistance and intra-day high of 1.1680 in the Asian and European session, the USD/CHF has been rejected by the 1.1680 resistance and it has fallen more than 80 pips to the 1.1580 level.
Currently, the USD/CHF is trading around the 1.1570/1.1590 band and the momentum looks bearish. If the down movement continues, the pair will go down to the try to break the 1.1570 support, below there, the 1.1500 level looks like a important support.
According to Greg Holden, Analyst at ForexYard, go short in USD/CHF looks like the right decision: After bottoming at the 1.1486 level on Friday, the pair has now consolidated a bit higher around the 1.1600 mark. A fresh bearish cross has just formed on the hourly chart and the upper Bollinger Band was also breached, indicating a potential downward movement in the near future. Going short today looks to be the right move for traders.