USDCHF: Sets Up To Weaken More With Eyes On 0.9600

11 June 2016, 14:29

USDCHF: Having the pair closed lower for second day in a row, more decline is expected in the new week though with caution of correction. On the downside, support lies at the 0.9600 level. A turn below here will open the door for more weakness towards the 0.9550 level and then the 0.9500 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9700 level where a break will clear the way for more strength to occur towards the 0.9750 level. Further out, resistance comes in at the 0.9800 level. All in all, USDCHF remains biased to the downside on more weakness.


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