USD/CHF Price Analysis: Bears stay in control but are making hard work of it

USD/CHF bears need to get below trendline support on the daily chart.
USD/CHF's dynamic resistance is holding, so far.

Ross J Burland FXStreet

Despite the slowing price growth in the Swiss economy that has limited the possibility of further rate hikes by the Swiss National Bank, USD/CHF is offered on the day and has fallen from a high of 0.8997 to a low of 0.8950. Markets are jittery ahead of Friday's Nonfarm Payrolls event and we have seen swings from top to bottom in the US Dollar on Thursday. This leaves a clouded technical outlook for the pair as the following will illustrate:

USD/CHF monthly chart

From a longer-term viewpoint, USD/CHF is wedged between support and resistance leaning with a downside bias.

USD/CHF weekly charts

There is a case of both bullish and bearish on the weekly chart as illustrated above.

USD/CHF daily chart

The daily chart's outlook is mildly bearish as the correction is long in the tooth which indicates the bears are reluctant but at least holding the price below dynamic resistance. A break of trendline support opens the risk of a downside continuation.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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