USDCHF collapsed after the shocker from the SNB. It has dropped more than 1900 pips after that news. We saw high volatility on this pair last week. This crazy movement can be seen also in this week. For the fundamental report, we can stay on bearish side on this pair.
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In weekly chart, we can see the largest weekly candle on this pair. It is clearly showing its bearish pressure. We can take sell after every retracement on this pair. In weekly fibo, we can see that it has bounched back from its 61.8% level. If break this fibo level, then it can down more and target will be 0.8000 area.
In daily chart, we saw also largest daily candle ever on this pair. It also indicates its bearish power. It faced near term resistance on 0.9100-0.9230 area. So we can sell from that resistance. 0.8800 level is also acting as a resistance. Below this resistance, this pair will be on down pressure.
Weekly Pivot, Support and Resistance
Resistance Two (R2): 1.0982
Resistance One (R1): 0.9785
Pivot Point: 0.9042
Support One (S1): 0.7845
Support Two (S2): 0.7102