USD/CHF Short-Term price action shows signs of weakness (Bearish)
Since late March, USDCHF has been trading in a relatively tight (290 pips) range that consolidated further towards the end. Within that range the highs started to noticeably get lower, suggesting more bearish order flow was starting to come in. Today we are seeing a strong attack by the bears, trying to clear the mid-term support around 0.95.
Trending Analysis
Short-term bias is bearish and if we get a strong break and close below 0.95, bears can look for weak pullbacks into the broken support which then should act as resistance with the next support coming in at around 0.9250. If on the other hand see a sharp reversal and return back above 0.9530, we’re likely looking at a false break which would put 0.9780 back into focus.
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