USDCHF: Vulnerable, Targets Further Weakness
USDCHF: Having the pair declined further on Tuesday,
it looks to extend that weakness in the days ahead which is already
underway. On the downside, support lies at the 0.9650 level. A turn
below here will open the door for more weakness towards the 0.9600 level
and then the 0.9550 level. Its daily RSI is bearish and pointing lower
suggesting further weakness.
On the upside, resistance resides at the 0.9750 level where a break will clear the way for more strength to occur towards the 0.9800 level. Further out, resistance comes in at the 0.9850 level. All in all, USDCHF remains biased to the downside on more weakness.