USDCHF: Loses Upside Steam With Further Downside Threats

24 August 2017, 15:17

USDCHF: With the pair continuing to hold on to its downside pressure despite its consolidation threats, more decline is envisaged. 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 daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 0.9650 level where a break will clear the way for more strength to occur towards the 0.9700 level. Further out, resistance comes in at the 0.9750 level. All in all, USDCHF faces further downside pressure short term

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