USDCHF: Vulnerable, Risk Points Lower
USDCHF: With a reversal of almost all of its past week gains seen at the end of the week to close slightly higher, USDCHF now faces the risk of a move lower in the new week. On the downside, support comes in at the 0.9500 level. A turn below here will open the door for more weakness to occur towards the 0.9450 level and then the 0.9386 level. A cut through here will open the door for additional weakness towards the 0.9300 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 0.9600 level with a breach targeting the 0.9650 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9700 level. All in all, the pair remains biased to the downside.
