USDCHF: Bearish, Closes Lower

6 May 2017, 04:09

USDCHF: The pair closed lower the past week leaving risk of more declines on the cards in the new week. On the downside, support lies at the 0.9800 level. A turn below here will open the door for more weakness towards the 0.9750 level and then the 0.9700 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 0.9950 level where a break will clear the way for more strength to occur towards the 1.0000 level. Further out, resistance comes in at the 1.0050 level. All in all, USDCHF faces further weakness risk in the new week.

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