USDCHF – Although closing marginally lower the past week, its broader downside bias remains intact. The risk is for a retake of the 0.9000 level to occur. A violation of here will turn attention to its Oct 2013 low at the 0.8889 level. Further down, support lies at the 0.8750 level followed by the 0.8700 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, to resume its recovery triggered off the 0.8889 level now on hold, the pair will have to take out the 0.9249 level, a tough call at its present price levels. This if seen will aim at the 0.9454 level with a cut through here paving the way for a push towards the 0.9496 level. On the whole, the pair remains biased to the downside in the medium term despite its marginal lower close the past week.
Article by fxtechstrategy.com
