USDCHF: Loses Upside Momentum, Risk Points Lower

USDCHF: The pair printed a rejection to halt its upside offensive and close lower the past week.

This price action has created downside risk as we enter a new week. On the downside, support comes in at the 0.9600 level. A turn below here will open the door for more weakness targeting the 0.9550 level and followed by the 0.9600 level. A cut through here will bring additional weakness towards the 0.9550 level. Its weekly RSI is bearish and pointing lower suggesting further weakness.

On the upside, resistance lies at the 0.9750 level with a breach pushing the pair further towards the 0.9800 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9850 level.

All in all, the pair remains biased to the downside in the short term on correction.