USDCHF: With the pair extending its weakness the past week, further downside is expected in the new week. However, it may begin to look for corrective recovery since the mentioned weakness is overextended. On the other hand, support comes in at the 0,8698 level with a break and hold below here resuming its medium term downtrend towards the 0.8650 level. Further down, support is located at the 0.8600 level and then the 0.8568 level and then the 0.8500 level. On the upside, resistance resides at the 0.8804 level. Further out, resistance resides at the 0.8895 level where a break will clear the way for a run at the 0.8950 level. On a break of here, resistance stands at the 0.9050/81 levels followed by the 0.9100 level. All in all, the pair remains biased to the downside medium term but faces recovery risk.
Article by www.fxtechstrategy.com
