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USDCHF Sets Up To Weaken Further On Loss Of Momentum

Oct 1 2017, 06:37 AM (CDT) | FXTechstrategy

USDCHF: With the pair rejecting higher prices to close lower the past week, more weakness is envisaged in the new week. On the downside, support lies at the 0.9600 level. A turn below here will open the door for more weakness towards the 0.9550 level and then the 0.9500 level. Its daily RSI is bearish and pointing higher suggesting further weakness. On the upside, resistance resides at the 0.9700 level where a break will clear the way for more strength to occur towards the 0.9750 level. Further out, resistance comes in at the 0.9800 level. Above here if seen will turn attention to 0.9850. All in all, USDCHF faces further downside pressure on price rejection.

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