USD/CHF Extends Bearishness For Third Week In A Row
FXTechstrategy Team | Oct 17, 2015 12:33AM ET
USD/CHF: The pair extended its weakness for a third week in a row the past week following its loss of upside momentum at the 0.9845 level in Sept 2015. This leaves room for more weakness, with eyes on its nearby support located at the 0.9527 level. This level is key to further weakness as USD/CHF must break and hold below that level to extend its short term weakness. On the downside, support comes in at the 0.9450 level. A turn below here will open the door for more weakness to occur towards the 0.9400 level and then the 0.9350 level. A cut through here will open the door for additional decline towards the 0.9300 level. On the upside, resistance lies at the 0.9600 level, with a breach targeting the 0.9650 level. A breather may occur here and turn the pair lower. But if taken out, expect a push further higher towards the 0.9700 level. All in all, the pair remains vulnerable to the downside in the short term
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