The USD/CHF pair has been trading lower since the 29th of January 2016, with the bearish pressures being noticed from as high as 1.0257 to as low as 1.0156.
During the course of the day on Monday, the pair fell from 1.0250 all the way down to 1.0155, but found enough support to turn back up. Today, after initially consolidating, the price tried to test the 1.0223 level, but corrected to the daily lows of 1.0170. At the time of writing, the pair is trading at 1.0191. In the event that the sellers attempt another retracement to the upside and the price breaks above 1.0223, the pair could escalate up to 1.0246 and 1.0257 respectively.
On the flip side, in the scenario where the sellers regain control and force the pair below 1.0170, the price could decelerate down to 1.0144 and 1.0110.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.