USD/CHF has broken out of its recent range to the downside, with weakness driven by both the dollar and the franc. Continuum Economics sees prices holding just above congestion support at 0.8000, and a break below opening the way toward 0.7950.
USD/CHF has slipped out of consolidation into the losses Continuum Economics had anticipated, with the pair pressured by both dollar- and franc-driven trade. Prices met buying interest just above congestion support at 0.8000.
Intraday studies are under pressure and daily readings are also bearish, highlighting room for further weakness in the coming sessions. A break beneath 0.8000 would add weight to sentiment and extend late-June losses toward congestion around 0.7950.
That decline may not run cleanly, however. By then oversold daily stochastics and mixed-to-positive weekly charts should prompt short-covering or consolidation above 0.7950.
On the upside, resistance is lowered to 0.8065. A close above there, if seen, would help stabilise price action and prompt consolidation beneath congestion around 0.8100.
Source: Continuum Economics (snippet-based)
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