USDCHF: Bear Threat Dominates Price Action
USDCHF: With USDCHF reversing almost all of its previous week gains at the end of the week, it now faces further weakness. As long as it can trade and hold below the 0.9000 level, the above view remains intact. Support lies at the 0.8907 level followed by the 0.8859 level. A cut through here will target the 0.8800 level where a violation will open the door for more weakness towards the 0.9742 level. A turn below here will set the stage for a run at the 0.8700 level. On the upside, resistance resides at the 0.9000 level where a break will retarget the 0.9050 level. A breather may occur here and turn the pair lower but if broken it will aim at the 0.9100 level with a close above here paving the way for a run at the 0.9150 level. All in all, the pair remains biased to the downside in the short term.
