Back to bearish.
• USD/CHF continues its decline despite some
ongoing consolidation. Hourly resistance can be
found at 0.9808 (30/05/2017 high). Strong
resistance is given at 1.0107 (10/04/2017 high).
Expected to show continued weakness towards
strong support at 0.9550 (09/11/2017 low).
• In the long-term, the pair is still trading in
range since 2011 despite some turmoil when the
SNB unpegged the CHF. Key support can be
found 0.8986 (30/01/2015 low). The technical
structure favours nonetheless a long term bullish
bias since the unpeg in January 2015.
(By Yann Quelenn)