USD/CHF Bearish Trend Continues, Now Eyeing 0.9600

USD/CHF Bearish Trend Continues, Now Eyeing 0.9600

29 April 2016, 09:26
Roberto Jacobs
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USD/CHF Bearish Trend Continues, Now Eyeing 0.9600

Extending its weakness for fifth consecutive day, the USD/CHF pair extended its weakness and is trading well below 0.9700 mark, near 0.9635.

The pair continues to witness constant selling pressure since the beginning of the current trading week, erasing all of its previous week gain. Wednesday's weak US GDP print failed to extend any support to the pair. The pair is now within striking distance of testing 0.9600 round figure mark.

Technical levels to watch

Weakness from current levels is likely to find immediate support near 0.9600 round figure mark. A break below 0.9600 round figure and a subsequent weakness below last week's low of 0.9585 would open room for an immediate drop towards 0.9540-30 zone marking the pair's lowest weekly close since Oct. 2015.

On the upside, recovery back above 0.9650 level might continue to face resistance near 0.9700 level, which if cleared seems to assist the pair to test its next resistance near 0.9730-35 zone.


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