The bears should aim to break through the trendline support on the daily chart at a price of 0.89560 for USDCHF.
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- USD/CHF bears need to get below trendline support on the daily chart.
Despite the slowing price growth in the Swiss economy that has limited the possibility of further rate hikes by the Swiss National Bank, USD/CHF is offered on the day and has fallen from a high of 0.8997 to a low of 0.8950. Markets are jittery ahead of Friday’s Nonfarm Payrolls event and we have seen swings from top to bottom in the US Dollar on Thursday. This leaves a clouded technical outlook for the pair as the following will illustrate:
From a longer-term viewpoint, USD/CHF is wedged between support and resistance leaning with a downside bias.
There is a case of both bullish and bearish on the weekly chart as illustrated above.
The daily chart’s outlook is mildly bearish as the correction is long in the tooth which indicates the bears are reluctant but at least holding the price below dynamic resistance. A break of trendline support opens the risk of a downside continuation.
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