USDCHF Closed Lower On Bearish Pressure

25 May 2019, 18:44

USDCHF closed lower on bearish pressure the past week, opening the door for more decline. Resistance resides at the 1.0050 level. Above here, resistance lies at the 1.0100 level and then the 1.0250  level. Further out, resistance comes in at the 1.0150 level. On the downside, support is seen at the 1.0000 level with a turn below here setting the stage for more decline towards the 0.9950 level. And then the 0.9900 level. Further down, support resides at the 0.9850 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. All in all, USDCHF targets further recovery on correction.

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