USDCHF: Halts Declines, Recovery Risk Underway

USDCHF – With the pair halting its four-week downside pressure to close higher the past week, there is risk of further recovery in the new week. This comes with one condition whereby USDCHF must follow through on the back of the mentioned strength in the new week. However, if this fails to occur the risk of a return to the 0.9175 level is likely. A break will resume its broader downside towards the 0.9100 level with a cut through here paving the way for a run at the 0.9000 level. Conversely, on a follow through higher on its past week gains the 0.9392 level where break will target the 0.9450 level and then the 0.9566 level. On the whole, the pair is still biased to the downside having continued to hold on to most if four-week losses.