USDCHF: With USDCHF closing lower the past week and continuing to trade below its falling trendline, it faces further downside bias. On the downside, support lies at the 0.8742 level where a break will turn focus to the 0.8698 level. A cut through here will set the stage for a run at the 0.8650 level and subsequently the 0.8600 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, recovery if triggered will target the 0.8861 level where a break will aim at the 0.8900 level. Further out, resistance comes in at the 0.8952 level. This level if broken will aim at the 0.8900 level with a close above here aiming at the 0.9000 level. All in all, the pair remains biased to the downside in the medium term.
Article by www.fxtechstrategy.com
