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USD/CHF – With continued downside seen the past week, further declines are likely in the new week. This will leave the 0.8850 level as the next downside target where a violation will aim at the 0.8800 level.

A turn below here will turn attention to the 0.8750 level followed by the 0.8700 level and possibly lower towards the 0.8850 level. Its weekly RSI is bearish and pointing lower supporting this view.

On the other hand, the alternative scenario will be for the pair to retake the 0.9044 level and then the 0.9177 level. A break of here will target the 0.9278 level followed by the 0.9454 level.

Further out, resistance resides at the 0.9496 level where a break will pave the way for a run at the 0.9750 level. On the whole, the pair remains biased to the downside on further bearishness.

Guest post by  FX Tech Strategy