USD/CHF Bearish Trend Continues, Now Eyeing 0.9600
Extending its weakness for fifth consecutive day, the USD/CHF pair extended its weakness and is trading well below 0.9700 mark, near 0.9635.
The
pair continues to witness constant selling pressure since the beginning
of the current trading week, erasing all of its previous week gain.
Wednesday's weak US GDP print failed to extend any support to the pair.
The pair is now within striking distance of testing 0.9600 round figure
mark.
Technical levels to watch
Weakness
from current levels is likely to find immediate support near 0.9600
round figure mark. A break below 0.9600 round figure and a subsequent
weakness below last week's low of 0.9585 would open room for an
immediate drop towards 0.9540-30 zone marking the pair's lowest weekly
close since Oct. 2015.
On the upside, recovery back above 0.9650
level might continue to face resistance near 0.9700 level, which if
cleared seems to assist the pair to test its next resistance near
0.9730-35 zone.
