USDCHF – With the pair failing to push higher and closing lower the past week, the risk is for more downside to occur. This will aim at the 0.9130 level where a violation will aim at the 0.9050 level.
Bears may come in here and turn USDCHF higher but if this fails to occur, expect further decline to occur towards the 0.9000 levels. Its weekly RSI is bearish and pointing lower supporting this view.
Conversely, the pair will have to return above the 0.9396 level to halt its bear threats and open the door for a move towards the 0.9412 level. Further out, resistance resides at the 0.9750 level where a break will annul its broader bearishness and then resume its strength.
This if seen will target the 0.9838 level, its Jun 2013 high. On the whole, the pair looks to extend its weakness having maintained its bear pressure.
Guest post by FX Tech Strategy
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