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USDCHF Sets Up For More Weakness

USDCHF: The pair declined the past week reversing its previous week gains and opening the door for further downside pressure in the new. Although, we may see a mild recovery higher before it turns back lower again. On the downside, support comes in at the 0.9467 level. A turn below here will open the door for more weakness to occur towards the 0.9400 level and then the 0.9350 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 0.9600 level with a breach targeting the 0.9650 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9700 level. All in all, the pair remains biased to the downside.

USDCHFWeekly

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