USDCHF: Weakens For Two Weeks In A Row.
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USDCHF – With a second week of decline occurring the past week, there is risk of a return to the 0.9000 level. 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. This if seen will aim at the 0.9454 level. A cut through here will pave the way for a push towards the 0.9496 level and possibly higher towards the 0.9750 level. On the whole, the pair remains biased to the downside in the medium term.