USDCHF: Weakens, Heads Towards The 0.8967 Level.
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USDCHF – With a reversal of its previous week gains occurring the past week, further decline is expected as we enter a new week. This will leave the 0.8967 level as the next downside target where a violation will aim at the 0.8900 level. A turn below here will turn attention to the 0.8850 level followed by the 0.8800 level and then the 08750 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, the alternative scenario will be for the pair to retake the 0.9177 level with a break targeting the 0.9278 level followed by the 0.9454 level. Further out, resistance resides at the 0.9496 level where a break will pave the way for a run at the 0.9750 level. On the whole, the pair remains biased to the downside on further bearishness.