The USD/CHF pair has been moving sideways since the 15th of January 2016, with the price ranging between the levels of 1.0078 and 0.9992.
On Wednesday, the pair initially fell down to 0.9992, before pushing to the upside and end the day at 1.0059. Today, after rising for a while, the price fell with a decisive move from as high as 1.0064 to the lows of 1.001. With that being the case, the market will probably go even lower, as the presence of sellers is quite strong at the moment. In the event that the price breaks below 1.001, profit targets could be set at 0.9998 and 0.9957 in extension.
On the flip side, in the scenario where the price attempts another bounce to the upside and succeeds in breaking above 1.0064, the pair could rise up to 1.0084 and 1.0107 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.