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USDCHF- Sells Off, Bearishness Set To Extend.

February 2, 2013 12:07 pm GMT+0  in Forex Analysis

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USDCHF: With the pair turning lower and holding below its broken trendline, further decline is expected especially now that it has reversed its corrective recovery. The challenge is for it to break decisively below the 0.9082 level though closing lower below there by a pip the past week. Further down, support comes in at the 0.8950 level followed by the 0.8900 level. Price hesitation may occur here due to its psychological importance. If broken, further decline will occur towards the 0.8800 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, the pair will have to break and hold above the 0.9388 level to reverse its entire weakness. This if seen will aim at the 0.9400 level followed by the 0.9456 level. Further out, resistance resides at the 0.9511 level. On the whole, the pair remains biased to the downside medium term

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