USDCHF: Having USDCHF weakened for second week in a row, it now looks to extend that weakness in the new week. The present bearishness is coming on the back of its downside pressure triggered from the 1.0319 level on Nov 30th 2015. On the downside, support lies at the 0.9750 level. A turn below here will open the door for more decline to occur towards the 1.9700 level and then the 0.9650 level. Further down, support resides at the 0.9700 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9900 level where a break will clear the way for more strength to occur towards the 0.9950 level. Further out, resistance comes in at the 1.0000 level. All in all, USDCHF weakened for second week in a row leaving risk of more decline on the cards.
Get More Power Over Your Trading With Less Hassle
FXTechstrategy delivers powerful buy/sell trade ideas with stop losses, price targets and super-easy analysis to help you improve your results
GET MORE POWER OVER YOUR TRADING WITH LESS HASSLE
The Award-Winning Analysis Solution for Forex & Commoditidy Traders
Your trading, made easier
Get 15+ super-easy trade ideas with powerful daily analysis and easy-to-understand strategy eBook
Stay on top of every move with price action to help you make easier, faster, and more accurate trading decisions.
Whether your strategy is for day trading or swing trading FXTechstrategy analysis fits in seamlessly with no hassles.