The USDCHF continued its bearish momentum last week bottomed at 0.9652. The bias is bearish in nearest term testing 0.9600. Immediate resistance is seen around 0.9715. A clear break above that area could lead price to neutral zone in nearest term but as long as stay below 0.9785 I still prefer a bearish scenario at this phase and any upside pullback should be seen as a good opportunity to sell.
Since second half of August the USD/CHF pair started to fall sharply and currenlty is trading around 0.97, its lowest level for the recent four and a half months. Indicators on the four hour time frame remain in oversold territory and it seems that bears are trying to keep the donward trend intact. The pair remains contained within the bear channel with bulls finding resistance at the 0.9700 resistance while the bearish target is to recapture the 2018 low at 0.9651.
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