USDCHF: Bearish, Looks To Weaken Further.
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USDCHF – With a fourth week of bearishness seeing the pair closing lower at the end of last week since tumbling off the 0.9838 level, there is risk of further downside. Further down, support lies at the 0.9130 level . As long as it holds below its support turned resistance at the 0.9225 level, USDCHF looks to weaken further. This will leave the pair targeting the 0.9064 level where a violation will aim at the 0.0921/00 levels. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9225 level, its April 17’2013 low and then the 0.9392 level. A breach will target the 0.9450 level and then the 0.9566 level followed by the 0.9838 level, its psycho level. On the whole, the pair continues to face downside pressure.