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USDCHF: Downside Pressure Remains Intact

USDCHF: With a third week of decline occurring the past week , further weakness is envisaged. On the downside, support comes in at the 0.9400 level. A turn below here will open the door for more weakness towards the 0.9350 level. A cut through that level will open the door for further decline towards the 0.9300 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 0.9550 level with a breach targeting the 0.9600 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9650 level. All in all, the USDCHF remains biased to the downside in the short term.

USDCHFWeekly

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