USDCHF: Closes The Week Lower, Eyes Further Weakness.
USDCHF: With USDCHF closing the week lower and reversing most of its past week gains, the risk as we enter the new week is for more decline to occur. As long as USDCHF trades and holds below the 0.9156/0.9079 levels this view remains valid. Support lies at the 0.8902 level, its Jan 24 2014 low where a violation will push the pair further lower towards the 0.8850 level. A cut through here will pave the way for a run at the 0.8800 level, its psycho level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, to resume its short term uptrend now on hold, it will have to overcome its resistance residing at the 0.9050/81 levels followed by the 0.9100 level and then the 0.9156 level, its Jan 21 2014 high. Further out, resistance resides at the 0.9200 level, its psycho. All in all, the pair remains biased to the downside medium term.
Article by http://www.fxtechstrategy.com/
