The USD/CHF pair has been trading downwards since the 6th of January 2016, with the sellers leading the price from as high as 1.0122 to as low as 0.9922.
During the course of the day on Thursday, the pair fell aggressively from 1.0081 down to 0.9922, testing the 1.00 and 0.99 handles, over dampened sentiment around the Swiss franc. Today, the pair advanced in its attempt to regain momentum, reaching the session high of 1.005. In the event that the bulls keep exerting strong pressures and the price breaks above 0.9998, profit targets could be locked in at 1.0046 and 1.0085 in extension.
On the other hand, in the scenario where the bears resume their previous activity and the price breaks below 0.9969, the pair could go down to 0.9959 and 0.9922 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.