USDCHF: With USDCHF selling off strongly during Friday’s trading session, the risk is for continued weakness to occur towards the 0.8831/00 levels. Bulls may come in here and turn the pair higher but if that level is broken anticipate further decline to occur towards the 0.8750 level. Further down, support comes in at the 0.8700 level where a violation will aim at the 0.8650 level. Its daily RSI is bearish and pointing lower suggesting further downside. On the upside, resistance resides at the 0.8922 level where a reversal of roles as resistance is likely. However, a breach if seen will expose the 0.9000 level followed by the 0.9050 level and then the 0.9100 level. Further out, resistance lies at the 0.9190 level followed by the 0.9249 level. All in all, the pair remains biased to the downside in the medium term.
