USD/CHF: With USD/CHF failing to follow through on the back of its previous week gains at the end of the week, the risk is for further downside threats to occur.
This development exposes the 0.8971 level where a break will pave the way for a run at the 0.8900 level followed by the 0.8850 level and subsequently the 0.87.79 level. Below here if seen will set the stage for more decline towards the 0.8700 level.
On the other hand, resistance resides at the 0.9126 level, its Jan 08’2013 high where a violation if seen will pave the way for a run at the 0.9191 level, representing its Nov 20 2013 high. Its weekly RSI is bullish and pointing higher suggesting further strength.
All in all, the pair remains biased to the downside in the medium term.
Guest post by FX Tech Strategy
